GreatScottUtah.com » Closing costs http://www.greatscottutah.com Great Scott I Sold Another One Wed, 20 Apr 2011 20:03:07 +0000 en hourly 1 http://wordpress.org/?v=3.1.1 FHA is set to reduce closing costs paid by a seller… http://www.greatscottutah.com/2010/05/fha-is-set-to-reduce-closing-costs-paid-by-a-seller/ http://www.greatscottutah.com/2010/05/fha-is-set-to-reduce-closing-costs-paid-by-a-seller/#comments Tue, 18 May 2010 17:27:04 +0000 scott http://www.greatscottutah.com/?p=470 The FHA will reduce allowable seller concessions — the percentage sellers can take from the sales price of a home to fund closing costs — from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set.

The closing costs include fees for origination, attorneys, appraisal and inspections, title search, title insurance, credit reports, and more. Down payment assistance is not included as a closing cost.

If you are thinking about buying or selling a home please contact me for specific details and how this change can impact your real estate transaction.

]]> http://www.greatscottutah.com/2010/05/fha-is-set-to-reduce-closing-costs-paid-by-a-seller/feed/ 0