In previous posts, I have chastised others for taking a rumor and stating it as fact.
As it is, every day I see other Tampa Bay mortgage lenders and Realtors running amok over the industry changes that are true…it is therefore just cruel to frazzle anyone without cause. (I have a large picture window in one of my offices so I literally see people running amok all day long; I’m not exaggerating!)
I digress…FHA and seller paid contributions, we may be headed for another change. This is just a heads up.
The latest adjustment is merely being commented on, it’s not done… it’s just the feedback feelers that are out there.
So, in this 30-day comment period which may or may not result in reality, in the end August-September time frame looms the possibility that the seller-paids may be reduced from 6% to 3%. (Seller paid contributions is money that can be allocated toward buyers’ expenses of everything from closing costs to pre-paids to escrows and are paid out of the sellers’ funds.)
Regardless of when and if this does happen, the golden ticket that will entitle a buyer to win 6% of the chocolate factory requires a contract, loan approval, and the assignment of an FHA case number.
At the end of the day, if you are in possession of all of the above you are grandfathered and golden. I’ll keep you posted.