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CONGRATULATIONS! I pray you have many years of happiness in your new home!
Tim has recently stated that both Protity and Non-Priority members can contribute up to 7% minus $3,000 origination fee and the seller also can contribute up to 10%September 21, 2019 at 10:49 am in reply to: Question about interest rate for Nonpriority members #60386
Tim Trumble can you please chime in on this? At my homebuyers workshop I was told that non priority members were now capped at 5% contribution, and that included any contributions from the seller.
If you are a priority member you sholud be able to purchase anywhere. Non- priority members are restricted to purchase in a priority area.
The appraisal value should be based off the most recect sales of similar homes in the neighborhood. The appraisal should have also been completed by an independent party and not a county agency. The only things you can do at this point is wait for the results of the appraisal dispute. I wish you luck.
Al92, if you don’t mind me asking; what city are you buying in?
No problem cb, I just really need to get an answer to my question it possibly could determine my decision to buy.
Thanks for the reply. Under HOEPA the buyer can contribute up to 7% munis the $3,000 origination fee. Tim Trumble commented recently that the seller can also contribute up 10% on top of that, even for a non priority memeber. I was told last night that is not the case, therfore I am seeking clarification.
Thank you Tim! That was the answer I needed. I will definitely look for you in Baltimore.
Yes I know I will need it prior to close to verify employment, but wanted to see if it was absolutely necessary in order to get qualified at the ATD event.