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Thread: Looking to buy a home
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12-08-2012, 10:42 PM #51David
2017 Moomba Mojo Max Surf Edition, 2 Pair Wetsounds Rev10s powered by an SD2, 6 pair Wetsounds XS650M and Wetsounds XS12 powered by SD6 all controlled by a WS420. 2 Lumitec SeaBlaze X2 Spectrum underwater lights
SOLD***2008 Mobius LSV, Gravity III , Wake Plate, Z5, Exile SX65c's, Exile XM9s, Exile XI12D, Exile Javelin, Exile 30.2***SOLD
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12-08-2012, 11:25 PM #52Senior Member
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I'm sure laws vary from state to state, but almost every new development in FL and OK advertise that the seller(the builder) pays all closing costs.
Ask to see any strange sounding law in written form.1997 MasterCraft 205
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12-09-2012, 11:12 AM #53
I looked a bit and it looks like that is an FHA guideline implemented after the subprime issues. Looks like if you put less than 10% down the seller can pay up to 3% of the value of the home in closing costs. If you put down more than 10% they can cover up to 6%.
2011 Mobius LSV
Ron
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12-09-2012, 06:02 PM #54
Is that on FHA loans only? We were going with the conventional mortgage.
Sent from my iPhone newtys droid killer using TapatalkDavid
2017 Moomba Mojo Max Surf Edition, 2 Pair Wetsounds Rev10s powered by an SD2, 6 pair Wetsounds XS650M and Wetsounds XS12 powered by SD6 all controlled by a WS420. 2 Lumitec SeaBlaze X2 Spectrum underwater lights
SOLD***2008 Mobius LSV, Gravity III , Wake Plate, Z5, Exile SX65c's, Exile XM9s, Exile XI12D, Exile Javelin, Exile 30.2***SOLD
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12-09-2012, 09:54 PM #55
These may help to clear it up:
http://my.chicagotribune.com/#sectio.../p2p-71591773/
http://www.valeriespringer.com/2012/...ller-paid.html
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12-10-2012, 02:16 PM #56
Good stuff in those articles. Lender guidelines are not "law" but often get quoted as such.
When someone gives you the "by law" or "under the law" BS, ask them for the citation to the statute or case and go look it up. PM me if you ever need any help.My Mom said I'm not allowed to get wet!
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