Question by Michelle: What is involved in selling to someone who wants a FHA loan?
I had my condo on the market and it has an offer now. They are wanting a FHA loan and have added in the extra 3% over and beyond my asking price. My realtor is telling me that I can deduct this portion off of my taxes since I’m paying for it now in the cost of selling my place. This is only the 2nd time I have sold a place and the other was a conventional loan and that’s all I’ve ever done too. I will see the offer tomorrow, malady generic so would appreciate any advice. Thanks!
Best answer:
Answer by malinmo
The buyers are asking you to pay for closing costs up to 3 percent of the purchase price. You don’t have to agree to this. But in today’s real estate market, a seller has to make concessions if he/she want to sell. What is often written into a contract that is being bought with an FHA mortgage is the amount of money the seller is willing to spend to make repairs to the property that are mandatory for issuance of an FHA mortgage. This cost in my market is usually written for up to $ 300.
Your realtor is right about deducting this 3 percent as an expense to sale. But ask your realtor if adding this 3 percent to the purchase price is customary in your market. I suppose it all boils down to how desperate you are to selling. Also, be careful the added 3 percent does not price your condo above the appraisal price or else the buyers’ won’t be able to get an FHA loan unless they are willing to pay the extra above the appraisal.
What do you think? Answer below!
Question by raclawski04@ameritech.net: What would happen if i lied about my age on a mortgage application ?
I would like to lie about my age on a mortgage application. I have 730 Fico, more about a 400K Gross small business corp and 30K in brokerage account. However if i disclose my low age my broker and agent might not make me seriously ? What will happen if I list an incorrect age?
Best answer:
Answer by Yo
It doesn’t matter what age you put on your application, page once your credit is run, the report will reveal your real age to your broker.
Know better? Leave your own answer in the comments!
Huh? Of course they will take you seriously. Your age has nothing to do with your ability to get a loan. Do not lie on a credit application.
Most of the time your credit report has your date of birth or age listed. If you lie they will see the discrepancy and ask you about it. I’m surprised they have not asked for a copy of your driver’s license to put in the file.
Also, it’s not a good idea to lie about anything on a loan guaranteed by any government agency.
Good Luck.
You have to be 18 to sign a legal contract. At closing you have to submit ID to the notary and if its like most loans your legal ID has to be include in the file since the patriot act. There is no reason to lie if you are over 18. It makes no sense and brokers dont care how old or not old you are.
If you are 18 or 65, black white or purple… we dont care we just follow the numbers and age is not an issue if you can legally sign the documents. If you are 16 and say you are 18, you would have to have a court order that shows you are emancipated and recognized as a legal adult.
Lenders wont care. There is no reason to lie about your age.
*Is there anybody besides me thinking this person has already did it? And got caught and asking what the penaties he might face are?*
In utah I think its 25,000 and up to 10 years in jail. Thats just state I think its 1 million and 25 years in jail if its a government loan… ask the lawyer… Just dont do it if you havent.
They will know that you are lying about your age when they first look at your drivers license and second when they check your credit report, it reports your age as well as numbers.
Assuming the bank bothers to check the credit report before issuing the loan, you will simply be denied. If the mortgage is actually issued and then the bank learns what happened, the bank will sue you to rescind the mortgage on the basis of fraud. You will be forced to pay back all amounts due immediately. If you cannot, then you will lose your house.
You could also face criminal charges for fraud. Since you have to sign everything you submit to get the loan, including an affidavit that you did not lie about anything, that will be really easy to prove. Therefore, you will go to jail.