Tag: Interested Party

Non-Owner Occupied Financing – Non-Related Co-Borrowers

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Question: My client would like his pastor to co-sign for a non-owner-occupied property because he does not qualify on his own.  Does the co-borrower need to be related? MC-Non-Occupant Co-Borrower Chart – All Agency Comparison Answer: There are no restrictions for relationship requirements for non-occupant co-borrowers, other than being an interested party to the transaction. […]

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Seller-Paid Special Assessment and IPC Rules

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Question: Our client is purchasing a condo with a special assessment of $16,000 due 2 weeks after closing.  Our sales contract states that the seller will pay this assessment, but we are concerned this may be viewed as an Interested Party Contribution.  What is your opinion?  MC Chart – Interested Party Contributions Answer: Yes, this […]

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FHA – Listing Agent Closing Cost Assistance: Can a listing agent contribute to the buyer’s closing costs if we stay within the IPC [Interested Party Contribution] guidelines? [Interested Party Contribution Chart]

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Answer: Yes.  The selling agent can contribute to the buyer’s closing costs as long as the contribution complies with the Interested Party Contributions guideline shown below. Reference: 4000.1 II. A. 4. d. iii (G) Interested Party Contributions (TOTAL) (1) Definition: Interested Parties refer to sellers, real estate agents, builders, developers or other parties with an interest in […]

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Fannie Mae – Real Estate Agent Borrower – Commission Usage: When a real estate agent is also the buyer, can their commission earned on that sale go towards their down payment and closing costs?

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Answer: Fannie Mae restricts the use of commission for down payment but could use the commission for closing costs. And yes, the agent / borrower should be able to show sufficient funds to close without counting the commission. That use of the commission for closing costs would count towards the limit on interested-party contributions.  The […]

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