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Can the bank help with sellers concessions?
Seller's concessions are costs that are paid by the seller. If the seller is a bank, you can certainly ask for seller concessions, but you may not get the answer you want. If the seller is not a bank, whether or not there are seller concessions in a contract depends on whetehr or not you negotiate them with the seller. It is important to note that banks and lenders may limit the amoutn of seller concessions allowed on certains loan types. Source: I'm a loan officer.
Seller consession with a fha loan?
Sellers or other third parties such as real estate agents, builders, developers, etc., or combination of parties can contribute up to 6% of the property's sale price towards the buyers actual closing costs, prepaid expenses, discount points and other customary concessions. These concessions do not count towards the statutory 3.5% down payment requirement.
Is there any way to add fee to the total loan amount?
I am not quite sure what the question exactly pertains to, as far as "fees". If by fees you mean closing costs then yes you can. In a purchase you can include your closing costs into the loan by getting what is known as a "sellers concession" Basically the closing costs are added to the purchase price and that is now the new purchase price. To do that first off you have to get the seller to agree to let you do that. Secondly the home must appraise for that amount. Say for eample you are buying a home for 100,000 your closing costs are 5,000. The new purchase price with a full sellers concession is 105,000 on the contract, on your mortgage and on the appraisal. The house must appraise for atleast 105,000, if it appraises for 100,000 then you can't do it. It has to be written in the contract and the seller must agree because they are conceding they could have sold the home for 105,000 but they are selling it for 100,000 and letting the buyer include their closing costs. Sellers concessions can cover all or half of the closing costs. In a refinance you can roll your closing costs into the refinance as long as your loan to value doesn't go over 100%, though some banks will go as high as 125% on your loan to value though I don't recommend it in most cases. Loan to value is your current debt on the home divided by its current market value. A home worth 100,000 with a 50,000 mortgage has a LTV of 50%.
Can you get a loan for a liquor license?
You can get a loan for your business then if the allowed in the terms of the loan use some of the loan to purchase your liquor license.
Truth in lending laws require?
sellers provide full and accurate information about loan terms
Can the bank help with sellers concessions?
Seller's concessions are costs that are paid by the seller. If the seller is a bank, you can certainly ask for seller concessions, but you may not get the answer you want. If the seller is not a bank, whether or not there are seller concessions in a contract depends on whetehr or not you negotiate them with the seller. It is important to note that banks and lenders may limit the amoutn of seller concessions allowed on certains loan types. Source: I'm a loan officer.
Seller consession with a fha loan?
Sellers or other third parties such as real estate agents, builders, developers, etc., or combination of parties can contribute up to 6% of the property's sale price towards the buyers actual closing costs, prepaid expenses, discount points and other customary concessions. These concessions do not count towards the statutory 3.5% down payment requirement.
Is there any way to add fee to the total loan amount?
I am not quite sure what the question exactly pertains to, as far as "fees". If by fees you mean closing costs then yes you can. In a purchase you can include your closing costs into the loan by getting what is known as a "sellers concession" Basically the closing costs are added to the purchase price and that is now the new purchase price. To do that first off you have to get the seller to agree to let you do that. Secondly the home must appraise for that amount. Say for eample you are buying a home for 100,000 your closing costs are 5,000. The new purchase price with a full sellers concession is 105,000 on the contract, on your mortgage and on the appraisal. The house must appraise for atleast 105,000, if it appraises for 100,000 then you can't do it. It has to be written in the contract and the seller must agree because they are conceding they could have sold the home for 105,000 but they are selling it for 100,000 and letting the buyer include their closing costs. Sellers concessions can cover all or half of the closing costs. In a refinance you can roll your closing costs into the refinance as long as your loan to value doesn't go over 100%, though some banks will go as high as 125% on your loan to value though I don't recommend it in most cases. Loan to value is your current debt on the home divided by its current market value. A home worth 100,000 with a 50,000 mortgage has a LTV of 50%.
In Florida are sellers of a home responsible for deficiency judgments?
If the sellers sold the home for as much as they owed on the loan, there is no possibility for a deficiency judgment, since there is no deficiency. If the sale was through a short sale where the bank took less than it was owed but allowed the homeowners to sell and walk away, the bank would have to sue for the deficiency judgment.
Can you get a loan for a liquor license?
You can get a loan for your business then if the allowed in the terms of the loan use some of the loan to purchase your liquor license.
What is the index value of my home loan?
What is the index value of my home loan? How is it calculated? Also, the marging of the loan, where is calculated or comes from?
Truth in lending laws require?
sellers provide full and accurate information about loan terms
What is the loan value of a 2011 ctsv coupe?
loan value of Cadillac cts-v coupe
Auto loan with itin numbers?
Is my husband allowed to use his i tin number for a loan
What is the maximum loan to value LTV for a VA loan?
90%
What is the definition of 125 Loan?
A loan, usually a mortgage, with an initial loan amount equal to 125% of the initial property value. In other words, a 125% loan has a loan-to-value ratio (LTV ratio) of 125%.
How would one calculate a loan to value ratio?
A loan value ratio can be calculated by using various online calculators. You can also have an official accountant or lawyer help you calculate the loan to value ratio.
