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Old 06-08-2012, 08:51 AM
 
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I don't know the answer to the original question, but if you closing costs are already getting "paid" (in quotations because you are paying for it one way or another) why wouldn't you just let the one man company make a few extra bucks?
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Old 06-08-2012, 10:44 AM
 
Location: The Greater Houston Metro Area
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Assuming it is an FHA loan, the down payment HAS to come from YOU.
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Old 06-08-2012, 12:16 PM
 
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Quote:
Originally Posted by cheryjohns View Post
Assuming it is an FHA loan, the down payment HAS to come from YOU.
Hi Cheryjohns - It's a conventional loan with 20% down.
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Old 06-08-2012, 12:19 PM
 
413 posts, read 1,100,918 times
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Originally Posted by stop-go View Post
I don't know the answer to the original question, but if you closing costs are already getting "paid" (in quotations because you are paying for it one way or another) why wouldn't you just let the one man company make a few extra bucks?
Because the one man company is offering it and he approached me with the offer initially. So, why would I want to refuse money when someone if offering it. I'm also glad that the bank is also giving close to 2% in closing costs with 3% interest rate, while others are offering the same rate with 1% or less.

so, the question is - can the broker contribute towards down payment or other things - maybe some extra options - Are there any specified rules/laws that tell this?

Thanks.
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Old 06-08-2012, 02:01 PM
 
Location: The Greater Houston Metro Area
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Was it an inventory or build from dirt? If inventory, there may be a bonus to the agent. I have used that toward upgrades, closing costs, or appliances. I have always been told it cannot go towards down payment, even if not FHA.

Yes, on an inventory, the upgrades are already there, but you could add an outdoor kitchen, etc.
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Old 06-08-2012, 04:15 PM
 
413 posts, read 1,100,918 times
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Quote:
Originally Posted by cheryjohns View Post
Was it an inventory or build from dirt? If inventory, there may be a bonus to the agent. I have used that toward upgrades, closing costs, or appliances. I have always been told it cannot go towards down payment, even if not FHA.

Yes, on an inventory, the upgrades are already there, but you could add an outdoor kitchen, etc.
Thanks Cheryjohns. The one we're talking is a dirt build. Can we still use the money for upgrades, I'm sure we'll like to have many.
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