Posts Tagged ‘obligation’

Question about FHA Loan Guidelines?

Wednesday, September 23rd, 2009

I’m getting a FHA loan. As a condition of me buying the house the seller says they will credit me ,000. According to the loan guy, under FHA guidelines the seller can’t just cut me a check for the amount. It would either have to come into play by reducing the loan amount by 00 and thus lowering my monthly obligation or giving the ,000 to the mortgage company and they can lower the interest rate to make my monthly obligation lower.

Can anyone confirm this?
One thing to add:

Seller is already paying closing costs.

(more…)

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What does is a buyer obligated to fix with a seller’s FHA loan?

Thursday, September 10th, 2009

We’re selling our house and the buyer’s realtor has come up with a nice list of things that need to be fixed before the FHA appraiser comes to appraise the house. The items include fixing the paint (where we scraped it but didn’t paint it) on a window sill outside, installing GFCI outlets in a couple locations, and fixing a cracked window (which would require replacement because of the condition of the frame.)

So – first, will the cracked window likely be flagged by an FHA appraiser (it’s a double pane, cracked on only the outside side.)

Also, *and more importantly* what is our obligation as a seller to pay for the buyer’s FHA repairs? Obviously, they could walk away, but is it reasonable to question them to pay for these repairs?

Thanks!

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