It’s déjà vu all over again at least twice a day when you live in the house that FHA built. In my opinion, that’s because there’s typically such a good deal of commotion about FHA rules that the commotion tends to distort the reality.
Case in point of course is the deal with seller-paid contributions. I am typically asked twice daily to confirm the change to the current six percent of the purchase price for the seller contribution towards prepaid expenses, closing costs, discount points etc., to the buyer’s bottom line. It’s still six percent. FHA’s projected change back in July 2010 never materialized and their new “soon to be released” change hasn’t happened yet either.
On top of that…the projected, new-all-over-again proposal will be subject to a 30-day comment period post-publication in the Federal Register.
And then after that, (once the flood of comments are evaluated), there may be the possibility that it could happen that there might be a potential change to the seller-paids as we know and love them today. I can’t imagine why it’s so confusing. (Insert sarcastic tone here.)
At the end of the day we’re still a month (or months) away even if anything will change. For now, believe it when you see it. I’ll keep you posted…