Legal Question in Real Estate Law in New Jersey
What are considered legitimate expenses for an FHA buyer's mortgage, if the seller has agreed to a $10,000.00 concession. Can they simply move any expense over to the seller's side of the contract to reach that 10k, or are certain expenses not allowed to be applied toward the concession? Thank you so much. Time is of the essence.
Asked on 7/27/09, 11:35 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Sometimes these are tricky, but they are usually handled through the closing statement. The concession is traditionally shown as a credit against closing costs. Acceptable language is usually dictated by the actual mortgage issuer.
Answered on 8/01/09, 1:30 pm
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