Asked by marieaj, Chicago, IL • Wed Sep 18, 2013
I am buying a homepath home. It's been 2 mos since I've been under contract.. Everything has been cleared except for one thing. According to the desktop underwriter, I've exceeded the max amount allowed for sellers contributions. The sellers have agreed to pay 3% in closing costs. They will also be giving me a credit toward any prorated taxes and will pay a nice portion of the title fees for using their title company. My assets and reserves needed for the purchase have been cleared. My question is, how do we bypass this max sellers contributions to clear to close. My LO suggested that I try to obtain a gift letter in the amount of the closing costs the seller agreed to pay. He feels that more money in my assets will maybe satisfy the DU. Then, at closing, I will still receive all my credits and not have to use any "gift" funds. The only problem is that I honestly have no family or friends to receive a gift from. Is this a glitch in DU? Anyway around it? Thanks!
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