I was just curious and wanted to know that after an offer is accepted, are we allowed to change our financing method from conventional to FHA IF we do decide to the FHA route. Is it legal? Bear in mind that this is a California contract, and I have meticuously read the contract.
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· The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.50% per year to 5.55% per year for a 5-year term would be from $184.00 to $193.00.
Fha Loan Downside Those mortgages, many of which are extended to borrowers with low credit scores and high loan payments relative to their incomes, will now go through a more rigorous manual underwriting process, the.
If the property is perfect and complies with all FHA guidelines, then it shouldn’t matter either way to the seller. But if the seller knows that the property has issues that would have to be addressed for an FHA loan, and they accept a conventional offer instead of FHA because of that, then that’s going to be a problem.
· Negotiating the price after an accepted offer. They’re paid to find, photograph and write a report on issues dealing with the structure, roof, plumbing, heating, cooling, electrical wiring, water quality, radon gas, and the like. It’s rare that an inspection turns up no negatives. For one, no home is perfect, and second,
“Our high school motto is ‘Challenge Accepted’,” Redd-Dorsey said. “The new buildings are nice,” Johnson said, shortly.
First: calm down. Yes. Buyers are allowed to completely change the type of loan and financing even if everything is signed off. More than likely in your contract it states that buyers have the right to obtain alternate financing as long as there is no cost to the seller.
Can you switch financing options after submitting an offer if there is no ratified contract yet? My real. Asked by Confused Buyer, Reston, VA Thu Jun 18, 2009. estate agent keeps on telling me that the reason why my offer was accepted was because of the bank approval.
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The short answer: yes. As long as your buyer and his/her lender are going to honor other terms of your executed contract and seller agrees to it( any change to an original RPA, should be done via ADM signed by both principals) p.s. I had a situation when we accepted all cash offer for a commercial building, but the investor decided to get a loan.