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HUD will pay $3060 on $102,000 mortgage but broker said she needs to show $3000 in credits. Does this sound right?

by jsamelliott95454 from Springboro, Ohio. Dec 22nd 2015 Reply


Mortgage brokers typically have their own guidelines they have to follow

Dec 22nd 2015
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Tim Bradford (Tim Bradford)
#7 ranked lender in Ohio - 145 contributions

Jsamelliott, Based upon your question, it sounds like you are purchasing a FHA/HUD owned property. It is typical for HUD/FHA to only pay 3% of the sales price towards buyers closing costs. A total of 6,060 in closings costs on a $102,000 Purchase sounds a little high. I am a lender in Ohio. You can call or text me at 216.324.8113 to discuss the purchase. You might qualify for a Grant Programs offered to Ohio Buyers. Let me know if I can assist you.

Dec 22nd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

Much more info needed.. but If you're purchasing a HUD home, they will only pay 3% of your closing costs.. but if you need $6000 in costs, then yes.. you will see $3060 from HUD and another $3000 from your mortgage broker.. But, as I said... I need more info.. $6060 seems high for a $102,000 sale priced home.. and there is no reason why a broker will give you a larger credit than necessary to purchase the home.. so somewhere in this equation, some pertinent information is missing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 23rd 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

It's possible but depends on the details of your purchase agreement, possibly costs HUD as the seller will pay only ended up totalling $3000 - or there are other credits which reduced the amount needed. I personally wouldn't worry about $60 but they should be able to show and explain to you why the difference. good luck!

Dec 23rd 2015
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