FHA Seller Paid Closing Cost Changes

FHA Seller Paid Closing Cost Changes:

FHA is reducing seller paid closing costs stating that they are continuing to manage total risk. By lowering the FHA seller paid closing costs buyers and sellers will not feel pressure to inflate the appraised value. This should not be a surprise for real estate professionals because HUD has been suggesting changes for over a year now. You will most likely see 3% maximum seller paid closing costs.

HUD is trying to improve the quality of business (risk.) According to HUD, they have had two very strong years of business and they intend on improving that this year!

For more information from HUD on seller paid closing costs please go to: http://portal.hud.gov/hudportal/documents/huddoc?id=fhacomcgJan2312Final.pdf

For more information on FHA such as guidebooks, notices, and mortgagee letters please go to:

http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm

If you have any questions about FHA seller paid closing costs and are ready to purchase an Appleton, WI home or need a Appleton WI refinance please call me at 920-623-9245 or visit my site: Frankpabon.com or WI-Mortgage.com!

You may now be eligible for an interest rate reduction. We may not require income documents or appraisal report to modify your existing Wisconsin mortgage to a lower rate and reduce your monthly payment! We recommend that you call to see if you qualify for the program.