Answers (2)
- mldr91011
- Contributions:1
Hello I need some help!
I am in the process of buying a home and we are getting a lender credit and a seller credit towards closing. We are taking an FHA loan and I am trying to figure out the lender credit
are all banks giving lender credits on FHA loans? where can I find informtion on who is extending lender credits?
The mortgage company that we are working with apparently farmed out or loan to what seems to be a wholesale mortgage company and we are having a really hard time with them. We should have closed a month ago but the mortgage network company always has some issue or a last min problem that has delayed the process.
I really need to find out more about the lender credit and who offers it as we need to find a new bank ASAP
I am in the process of buying a home and we are getting a lender credit and a seller credit towards closing. We are taking an FHA loan and I am trying to figure out the lender credit
are all banks giving lender credits on FHA loans? where can I find informtion on who is extending lender credits?
The mortgage company that we are working with apparently farmed out or loan to what seems to be a wholesale mortgage company and we are having a really hard time with them. We should have closed a month ago but the mortgage network company always has some issue or a last min problem that has delayed the process.
I really need to find out more about the lender credit and who offers it as we need to find a new bank ASAP
- Rita A. Walker, "Rita Walker"
- Contributions:490
Was the contract written for closing costs and prepaid items or just closing costs?
If some of the lender credits are for items you paid in advance, that money can be returned to you,
If you still have money left over then put it toward buying down the rate.
If some of the lender credits are for items you paid in advance, that money can be returned to you,
If you still have money left over then put it toward buying down the rate.
Credit towards closing costs
Currently for me:
Lender's Credit + Seller's Credit > (Non-recurring + Recurring) Closing Costs.
Can these credits be applied towards both recurring and non-recurring closing costs or just towards NRC.
Also, I had my inspections done & ask them to bill to escrow. Can any remaining amount be used towards paying these items.
How to optimize this since I don't want to leave any money on the table unused.
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