Well the house passed inspection! But...

**Greebo** · 03-02-2010, 09:36 AM

Originally Posted by leighcat

FHA. Well, the seller accepted the changes. So instead of offering 74,900.00 and having him pay 3% of closing costs, I upped it to 77,200.00 and he pays 6% of closing costs. So, somehow they are working the numbers so I don't have to come up with so much more at closing. I don't know how that works, but it doesn't raise my monthly mortgage by much. Now I just have to hope it appraises for enough or I will have to change this all over again.

I hope this works. I really want this particular house.

Ahh yes, FHA does require inspections - or they used to back when I was buying my first home with them.

It's worth your while to understand the lending process as much as possible - basically what they've done is transferred the increased costs of the loan to the seller, who pays them out of the money he gets from the lender. You are, in effect, borrowing the money to pay the closing costs via the seller. It's not even 3k more on the loan, however, so your mortgage will only go up a few bucks.

**Greebo** · 03-02-2010, 09:37 AM

Originally Posted by Jmarie

if it doesnt appraise for the offering price.. you will just have to adjust what you offer accordingly. Our house didnt appraise for our offer price either, we orginally offered 196K and asked for 7K for closing clost and other out of pocket expenses, the house only appraised for 190. We just went back to the sellers and offered 190K plus 7K back for closing..

Im sure it will work out for you

Yeah if it doesn't appraise for the offer the seller is in a bind - he'll need a cash buyer at that point - or at least a buyer with MORE cash.