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Old 07-04-2009, 09:33 PM
 
1 posts, read 3,950 times
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My wife and I are closing on a house at the end of this month, and just had a few questions. The seller is already paying closing costs, and after inspection we negotiated with him to give $5000 @ closing for the roof to be replaced. Our lender told us that we cannot get the $5000 made out to us, we need a contract from a roof(because the rural housing loan doesn't allow the borrower to get cash back). I seen under the rural housing loan benefits that there are no limits on seller contributions or gifts, so does anyone know if this is true or not. Also, our lender locked us in about 3 weeks ago @ 5.75 and we have to buy a point down to 5.5, but it looks like the rates dropped again and my wife has a credit score of 745. Does he have to give us the low current rates or are we obligated to our locked in rate?

Thanks, Anthony
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Old 07-05-2009, 09:40 PM
 
8,079 posts, read 2,833,423 times
Reputation: 2349
Quote:
Originally Posted by anthonymartin View Post
My wife and I are closing on a house at the end of this month, and just had a few questions. The seller is already paying closing costs, and after inspection we negotiated with him to give $5000 @ closing for the roof to be replaced. Our lender told us that we cannot get the $5000 made out to us, we need a contract from a roof(because the rural housing loan doesn't allow the borrower to get cash back). I seen under the rural housing loan benefits that there are no limits on seller contributions or gifts, so does anyone know if this is true or not. Also, our lender locked us in about 3 weeks ago @ 5.75 and we have to buy a point down to 5.5, but it looks like the rates dropped again and my wife has a credit score of 745. Does he have to give us the low current rates or are we obligated to our locked in rate?

Thanks, Anthony
When you get locked into a rate, you can wait until it expires or reapply for the lower rate. As for the roof thing, that can be tricky. You want it on the buy/sell contract but any monies that will transferred will go to closing costs or fees. Try and get it after the fact.
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Old 07-12-2009, 08:56 AM
 
Location: Houston
36 posts, read 112,592 times
Reputation: 24
Quote:
Originally Posted by T-310 View Post
When you get locked into a rate, you can wait until it expires or reapply for the lower rate. As for the roof thing, that can be tricky. You want it on the buy/sell contract but any monies that will transferred will go to closing costs or fees. Try and get it after the fact.
It is correct that no matter whateverclosing cost you get can be used only for closing cost incurred on the loan.

It is best to get the roof improvement done by seller after you purchase or else before the closing.

As far as interest rate is concerned, either you will have to re-negotiate with the existing lender you working with or work with another lender.
waiting for rate to expire is not at all a good idea if you plan to work with the existing lender you working with as once the rate expires they can give you only the worst rate available in last 30 days(there is a worst case pricing which apply)
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