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The following applies to all agency loans.I hate cut and paste but sometimes it is necessary (with my apologies):
B3-4.1-02, Interested Party Contributions (IPCs) (04/30/2010)
IPCs are either financing concessions or sales concessions. Fannie Mae considers the following to be IPCs:
· funds that are paid directly from the interested party to the borrower;
· funds that flow from an interested party through a third-party organization, including nonprofit entities, to the borrower;
· funds that flow to the transaction on the borrower's behalf from an interested party, including a third-party organization or nonprofit agency; and
· funds that are donated to a third party, which then provides the money to pay some or all of the closing costs for a specific transaction.
Fannie Mae does not permit IPCs to be used to make the borrower's down payment, meet financial reserve requirements, or meet minimum borrower contribution requirements.
<Down payment and minimum contribution are listed separately so there is no confusion to the rule.>
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For Sale: $250,000
For Sale: $140,000
For Sale: $524,900