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Old 09-12-2007, 03:49 PM
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Genesis

Ok I will elaborate.

These companies get funds from investors to use. They charge a processing fee to fund the non-profit. Usually 300-400 or as high as 1% in some cases. They wire the money to title at closing then take it back. it is a paper transaction and the seller is conceeding that money since they take it back. You can conceed 3% for down payment assistance plus 6% for seller concessions.

See FHA 101 for more information

Fha 101
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Last edited by Greg; 09-12-2007 at 03:52 PM.
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