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The buyer
must pay for any costs he/she agrees to pay in the signed purchase
agreement.
If a borrower obtains
FHA financing, there is approximately $1,200-$1,600 in non-allowable
costs that cannot come from the borrower. Is the seller required to
pay the non-allowable costs? The seller is only obligated to pay the
costs if he/she agrees to pay them in the original purchase
contract. If a seller has not agreed to pay the non-allowable
costs and a buyer later comes back to say that they have FHA financing
and the seller is required to pay the costs, the seller does not have
to re-negotiate the contract or pay the costs.
A seller can also opt
not to accept an offer that includes the provision that the seller is
to pay FHA non-allowables. It is best to get pre-approved for a
loan prior to negotiating a purchase so both the buyer and the seller
are aware of the type of financing and the requirements involved at
the time of the signing of the contract.
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licensed loan officer will review your information and discuss your
options with you!
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