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Cash Doctor
856 Posts |
 Posted - 05/15/2008 : 11:05:21 AM
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Easy question and MY AE's are slow in respoding. Have a couple grand left over from seller concessions can that be applied towards down payment.
Conventional 10% down.
Thanks |
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ehm3
979 Posts |
Posted - 05/15/2008 : 11:19:12 AM
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no way, never ever allowed on any loan I know of (unless there is some funny business behind the scenes)
best thing to do is try to get some more prepaids on the HUD like taxes, 1st year of HOI, etc. Also pay inspections, appraisal, etc on the HUD even if the borrower POC, they can get the refunds from the 3rd parties.
or charge more upfront and give them a better rate if all else fails.
if you don't use it, you lose it |
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Cash Doctor
856 Posts |
Posted - 05/15/2008 : 11:24:27 AM
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| Thanks. That was the route I was going. |
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slants
4309 Posts |
Posted - 05/15/2008 : 11:58:40 AM
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quote:
Originally posted by ehm3
no way, never ever allowed on any loan I know of (unless there is some funny business behind the scenes)
best thing to do is try to get some more prepaids on the HUD like taxes, 1st year of HOI, etc. Also pay inspections, appraisal, etc on the HUD even if the borrower POC, they can get the refunds from the 3rd parties.
or charge more upfront and give them a better rate if all else fails.
if you don't use it, you lose it
I thought seller credit can only be applied to non-recurring items and seller cannot pay recurring taxes & insurance? I realize many funders don't enforecee it though. |
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ehm3
979 Posts |
Posted - 05/15/2008 : 11:59:48 AM
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quote:
Originally posted by slants
quote:
Originally posted by ehm3
no way, never ever allowed on any loan I know of (unless there is some funny business behind the scenes)
best thing to do is try to get some more prepaids on the HUD like taxes, 1st year of HOI, etc. Also pay inspections, appraisal, etc on the HUD even if the borrower POC, they can get the refunds from the 3rd parties.
or charge more upfront and give them a better rate if all else fails.
if you don't use it, you lose it
I thought seller credit can only be applied to non-recurring items and seller cannot pay recurring taxes & insurance? I realize many funders don't enforecee it though.
from my experience that was more of a subprime guideline. never had an issue with it on conforming or govvie stuff. |
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