Updated over 14 years ago on . Most recent reply
Seller credit with 3k left over
See my other post today for more history on this property, but my offer was accepted with 4k credit from seller towards closing and pre-paids. I'm receiving a bank credit for accepting a certain rate. This is an fha loan with the required 3.5% down by buyer, but taking that out of the equation, the Hud-1 shows I only need to come in with just over 4k instead of the over 9k I'm required to provide.
My question is--should I ask the seller to agree to a purchase price change. They'll still be getting full asking price, but this would lower my loan amount and slightly lower my required 3.5%.
I've asked the loan officer if any outstanding funds could be applied forward towards interest but was told no, I just lose that money. Seems like there's gotta be a way to make this a tighter deal without the bank gaining 3k+ from my price.