Replies (4)
- Dave Skow, "daveskow"
- Contributions:1371
definitely not
suggestion-
maybe apply the credit towards the FHA UFMIP...( upfront mtg ins premium)
suggestion-
maybe apply the credit towards the FHA UFMIP...( upfront mtg ins premium)
- Dave Skow, "daveskow"
- Contributions:1371
111
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:4280
You must contribute minimum 3.5% toward the transaction. 12000 is a huge credit amount, what interest rate are you getting? FHA rates make it very easy for lender to provide large credit to cover most/all closing costs, you might dk better to look at that option and perhaps amend to a lower sales price. As Dave mentioned you also could look to get the UFMIP paid instead of financed.
- Lance Holtman, "Frost Mortgage Lend"
- Contributions:186
Use the extra credits to buy down the interest rate; much more bang, than lowering the sales price.
Can seller concessions be applied toward my 3.5% deposit on an FHA loan?
My question is: Can I apply some of the concession credits to the remaining .5% required as a downpayment on the FHA loan?
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