Anyone here recently buy a home under FHA and know the max seller concessions allowed? My realtor told me 3% when we asked her what the max was, so that's what we put in the contract. After reading a thread on TN tonight, it seems she may have been wrong, and am currently trying to do research to that end (and trying really hard not to hate her atm). As far as I can find on gov sites, it says they are proposing changes to change the % for large loans, but I'm not finding a solid answer.
So, anybody have an FHA loan from the last few months know anything about the seller assists?
We did not go with an FHA loan in the end, but when we looked at it we were told we could get 6%. It's possible that this varies by region - you might want to XP on money matters.
When bought about 6 months ago and at that time it was 3% for conventional loans and 6% for FHA so she may just be misinformed. I wouldn't think it would vary by region. I would go ahead and tell her that so she doesn't continue to misinform her buyers.
In my market, they most likely would have. Houses in my price range have stayed on the market 180ish days and had histories of reducing prices over and over before accepting an offer lower than their last list. We offered above the list price intending to get the maximum seller concessions - and trusted her to know what this was because we wanted to bring less to the table so we could spend more to fix it up. Kinda peeved, and she's on vacation so I can't exactly let her know it atm. Thanks for all the answers!