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The OP states this is a 97% loan, but seeing FHA now requires 3.5% down, I have to assume this is a conventional loan. If that is the case, you are limited to 3%. Perhaps the NJ attorney wants the permission/authorization because there will be .05% over what can be shown on the HUD. Anything over the 3% (and off the HUD) would be illegal.
Now, if I calculated this right, you are $1750 over on the concessions. The only way to get this on the HUD is with a seller-rent back, which is not included in the concessions.
Help Quick Please! Im a buyer who was scheduled to close on a short sale in 2 days. Title company receives HUD-1 packet and the selling agent listed 2% concessions but our PA states 6%, why would he try to change this last minute? Does he stand chance to make more money? Im assuming the deal will fall through as we have to close by the 30th, were set to close on 29th but now this issues has come about. Should I even be worried? Seller, Bank, and I have signed the PA @6%.
[sarcasm] Didn't you know that's how real estate agents are paid? We skim money off of every transaction hoping nobody will notice.[/sarcasm]
I run it through as a PITA fee. Pain in the azz.
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