I am qualified for a FHA loan. I would like to put an offer on a Fannie Mae Home. What fees will they pay?

Asked by Lisa, California Fri Nov 7, 2008

Interested in a Fannie Mae Home. The listing agent informed my agent that FNM does not pay for natural hazard zone disclosure, government requirements/retrofitting, Seller's title insurance, buyer's title insurance, county and city transfer taxes. They will pay some closing cost. If they do not pay for the above, can this be incorporated into my closing cost? This listing will take FHA financing.

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Alexandra Pa…, Agent, Montebello, CA
Sun Nov 9, 2008
BEST ANSWER
Keep in mind that during the purchase the seller and the buyer have closing cost, but the seller's are usually higher. In most transactions the seller closing cost include Natual Hazard Disclosure, Government Requirements and Retrofitting, seller's title insurance, and the County and City Taxes. These figures are rough estimates. Natural Hazard Disclosure $200, Seller's Title $2000, County and City Taxes $500. In regards to the government requirements and retrofitting usually its refers to smoke detectors, water heaters, and city inspection. Ask your realtor to inform you because REO properties are not except from certain items that are required by law.
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Juan M Cepeda, , Downey, CA
Fri Nov 7, 2008
Hi Lisa
FHA loans a little easier to get than a conventional loan these days. Usually if you have a fico of 580 and above with 3% down and you debt to income ratio is around 43% you should be fine. My company is approved to do FHA loans feel free to contact me if you would like to get more details.
Juan
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