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Freddie Mac

Posted on: Thu, 03/17/2011 - 02:15
Freddie Mac

I had an accepted offer form a bank, it was a deed in lieu of forclosure. The bank (seller) agreed to pay $6,300 of my closing cost but my mortgage broker just informed me that Freddie Macs rule is that a seller concession on an investment home can only be 2% of the mortgage. This means that the seller can only pay $2,900 toward my closing instead of the full $6,300. Has anyone else ran into this problem?

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Posted on: Thu, 03/17/2011 - 03:31 #1
Freddie Mac

The deal is done. We are going to buy the house regardless, I'm just upset that the seller agreed to pay $6,300 of our closing cost and now Freddie Mac is telling them that they can only pay $2,900 toward our closing. Now we have to come up with the ballance of $3,400 on top of our 20% down payment.


Posted on: Thu, 03/17/2011 - 04:52 #2
Freddie & seller

newbie v wrote:
The deal is done. We are going to buy the house regardless, I'm just upset that the seller agreed to pay $6,300 of our closing cost and now Freddie Mac is telling them that they can only pay $2,900 toward our closing. Now we have to come up with the ballance of $3,400 on top of our 20% down payment.

If the seller is willing still. Work it out on the side. QUIETLY !!!

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Michael Radtke
www.nationalpropertyscout.com
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Posted on: Wed, 03/23/2011 - 16:08 #3
Exactly

helpme2 wrote:
newbie v wrote:
The deal is done. We are going to buy the house regardless, I'm just upset that the seller agreed to pay $6,300 of our closing cost and now Freddie Mac is telling them that they can only pay $2,900 toward our closing. Now we have to come up with the ballance of $3,400 on top of our 20% down payment.

If the seller is willing still. Work it out on the side. QUIETLY !!!

Exactly If you Do A Double Closing using Transactional Day Funding You & Your End-Buyer can Agree on whatever You have Agreed upon , After all You are Closing with the Bank/agency & Then Your Buyer .