Related Article Title: Fannie, Freddie, FHA, VA & USDA- HOA Fees: Realtors in our area are talking about a new program that does not count the HOA fees. Does any agency allow that? Answer: Fannie & Freddie say: Fannie and Freddie allow a seller (or an interested party contribution) to pay up to 12 months [...]
Answer: Yes, provided you meet the following criteria. This guideline/policy applies to any/all loan types Fannie Mae offers. Remember that you need an executed purchase contract and all financing contingencies removed/cleared. Reference: B3-6-06, Qualifying Impact of Other Real Estate Owned (06/30/2015) Current Principal Residence Pending Sale If the borrower’s current principal residence is pending sale, but [...]
Related Question: Fannie Mae & FHA – VA – Realtor Credit: Does a $500 credit from a Realtor commission to the borrower affect the LTV as an IPC (Interested Party Contribution)? [MC Chart-Interested Party Contributions-All Agencies] Answer-Fannie Mae: For Fannie Mae, an IPC does not need to be subtracted from the purchase price UNLESS you [...]