NEWSFri, Jun 04FHA plans to halve mortgage loan's 6% seller concession this summer© Washington Post 2010 Byline: Kenneth R. Harney
One of the key attractions of FHA mortgage financing is going, going -- but not quite gone. Sellers and buyers who move fast can still make the most of it. Sometime this summer, the Federal Housing Administration plans to slash maximum "seller concessions" from 6 percent of the home price to 3 percent.
Seller concession rules allow buyers to look to the property seller to pay for some services and taxes connected with the transaction -- loan origination and local transfer fees, appraisals, inspections, closing and escrow costs, among others -- though not the down payment. Read more. |
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