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  1. #51
    Join Date
    Nov 2010
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    Katy, TX
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    Quote Originally Posted by rca View Post
    David are you working with a real estate agent? Are they telling you the 3% law?
    Yes, this is what our agent was telling us. Sounded odd to me as well.


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    David

    2008 Mobius LSV, Gravity III , Wake Plate, Z5, Exile SX65c's, Exile XM9s, Exile XI12D, Exile Harpoon, Exile SM600.1 , Exile Xi800.4.

  2. #52
    Join Date
    Jan 2008
    Location
    Pensacola, FL
    Posts
    1,544

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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.
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  3. #53
    Join Date
    Jun 2012
    Location
    Sugar Land, TX
    Posts
    613

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    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

  4. #54
    Join Date
    Nov 2010
    Location
    Katy, TX
    Posts
    4,184

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    Is that on FHA loans only? We were going with the conventional mortgage.


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    David

    2008 Mobius LSV, Gravity III , Wake Plate, Z5, Exile SX65c's, Exile XM9s, Exile XI12D, Exile Harpoon, Exile SM600.1 , Exile Xi800.4.

  5. #55
    Join Date
    Jul 2008
    Location
    Snellville, GA & Lake Sinclair
    Posts
    7,051

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    Drew
    New ride: 2012 Mojo
    Old ride: 2008 OBV

  6. #56
    Join Date
    Jan 2008
    Location
    Tallahassee, FL
    Posts
    11,297

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    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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