Tag Archive for: seller credits

Fannie & Freddie Supporting Agent Commissions, But…Has Anything Changed?

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FHA allows buyers to finance their upfront mortgage insurance premium (MIP) equal to 1.75% of the loan amount. So, while FHA loans are ostensibly 96.5% loan-to-value, they are effectively around 98.2% loan-to-value loans because almost every FHA loan includes the financed upfront MIP. Read More

What Are The Average Closing Costs in California?

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Closing costs are the various fees and charges buyers face when buying a home that are required in order to close on a loan. But what are the average closing costs in California? Closing costs typically run between 2% and 5% of the home’s purchase price for homebuyers in California. However, many closing costs vary with the price of the home or the loan amount.Read More

Closing Cost Credits Are Back! (From Sellers and Agents)

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I used to blog frequently about closing cost credits from sellers and agents – but I stopped because the market was so hot that no seller or agent would consider […]Read More

7 Reminders For Seller Credits And Repairs

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Seller Credits For Repairs Many homebuyers can get credits for closing costs in lieu of credits for repairs. Sellers are often unwilling to credit anything in hot markets, but sometimes […]Read More

Can Borrowers Be On The Loan and Not On Title?

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We often have “title only” buyers, or buyers who want to be on the property’s title but who do not want to be on the loan. This is often the case with spouses, where one spouse might have credit issues that adversely impact financing terms. The spouse with good credit will be the only one on the loan (assuming she has enough income to qualify on her own) but both spouses will be on title.Read More

Lender Credits For Closing Costs

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LENDER CREDITS INSTEAD OF SELLER CREDITS Seller credits for closing costs are few and far between in this hyper-competitive market; merely requesting them in fact is often a deal-killer. But […]Read More

Who Can Pay Closing Costs? Seller, Lender, Realtors; Happy Veterans Day

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JVM Lending will be working a half day today because of the Veterans Day Holiday. We will, however, have a Mortgage Analyst “on call” all day and all weekend, per […]Read More

Seller Credits: When? How Much? Do They Slow Down Transactions?

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Many buyers get credits for closing costs in lieu of credits for repairs, as most people know. If credits are for repairs, underwriters will require that they be completed prior […]Read More

College = Job History; CD Flexibility w/ Seller Credits

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Reminder #1: Borrowers fresh out of college usually do not need a 2 year work history to qualify for mortgage financing. They usually just need an offer letter and 30 […]Read More

TRID Allows Seller Credit Changes; Expect More Appraisal Reviews

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A couple quick updates/reminders. Seller Credits can change any time without causing major delays** in closing. This was a surprise for us in the post-TRID environment, but changes in seller […]Read More

Closing Cost Credits to 6%; Can’t Exceed Closing Costs; No Prepaying

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Closing cost credits from sellers are rare in this very competitive seller’s market, but they do come up from time to time as buyers negotiate them in lieu of repair-credits. […]Read More

What To Do If Seller Closing Costs Are Too High

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We recently received a purchase contract with a $600,000 price, and $26,000 in seller-credits. The issue? The $26,000 seller credit exceeds our $19,000 estimate of closing costs (closing costs are […]Read More