Financing in 27409>Question Details

Elizabeth, Home Buyer in 27409

We found a home seller who has agreed to pay the termination fee of our apartment lease, which ends July 31.

Asked by Elizabeth, 27409 Sat Jan 24, 2009

We have been pre-approved for an FHA home loan, however the lender is now saying that the seller cannot pay it. Does anyone have any advice or ideas?

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Elizabeth,
I am guessing that the seller is probably paying the closing costs also. The problem is that a seller can only contribute a certain percentage back to the buyer with the new FHA guidelines. They did away with down payment assistance but, allowed them to continue to pay for closing costs. Your probably not going to get around that. It is a fixed percentage of your loan. I will take a shot in the dark and guess that it is new construction. The only thing I can think of is to A) see if you can get someone to rent your apartment so you can leave. B) take your lease and talk to the closing attorney and an FHA lender to see what can be done. The apartment may let you out if you have someone ready to rent the apartment.

Hope this helps,
0 votes Thank Flag Link Sat Jan 24, 2009
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