September 7, 2012
In our last blog post we discussed a reader comment about seller concessions. The reader asked a two-part question; “Has the percentage of incentives a seller can offer a buyer with an FHA loan changed yet from 6% to 3%? What if appliances and other things have been requested by the buyer which were covered under a separate sheet not the official home sale offer sheet?”
At the time of this writing the FHA limit is still six percent.
Some borrowers may be wondering what is meant by “seller concessions”; the FHA loan rule book describes them as contributions of “up to six percent of the lesser of the property
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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