Beware of Seller’s Concession Limitation on FHA Short Sales

Posted on July 13, 2011 by gopdean

07/13/2011 by Dean Henderson, CRMS

When there is a Short Sale(AKA Pre-Foreclosure Sale) on a HUD, FHA loan, and the new Buyer is also getting a new FHA loan, HUD only allows up to a maximum of 1.0% for Seller’s Concessions or Allowable Closing Costs. If you see the link below, and look at page 2 of 18, the sixth bullet point down, and it is there that you will find this.

HUD will only allow 1% Seller Closing Costs (line 509) and that is ONLY if the buyer is using FHA financing. Any other buyer financing HUD will allow 0% for an FHA Short Sale.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-43ml.doc

Here are some more HUD/FHA Pre-foreclosure guidelines:

http://www.hud.gov/offices/hsg/sfh/nsc/rep/pfsfact.pdf

Thursday Night on the Square week deux 7/7/11 w/Century 21 Doug Anderson REALTORS

Posted on July 8, 2011 by gopdean

Visiting with the agents from Century 21 Doug Anderson at Palmdale’s Thursday Night on the Square. 7/7/2011.

In this video: Christie Mai, Susan Ordaz, Glenda Walsh, Jennifer Anderson, Nancy Orellana, Dean Henderson, Oanh Mai, Madison Henderson, Robert Breiner, Tom & Teresa Lackey, Dan Devere (partial list)