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anthonymartin
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 Posted: Fri Jul 03, 2009 5:08 pm Post subject: USDA money back?? |
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Me and my wife are currently about to close on a house with the usda loan. After the inspection, we realize we need a roof so we negotiated with the seller and he said he'd give us $5000 at closing for the roof. Our lender said the loan restricts us getting back any money so I need an estimate/contact for the roof and the check from the title company can be made out to whoever will be contracted to fix it. The thing is, I have alot of friends who do roofs and its only going to cost about 3000$ in material and labor, so I was looking to make a few extra dollars for other repairs, are there any ways around this to get the check made out to us or is our lender correct?
Thanks in advance, Anthony
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 savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Sat Jul 04, 2009 4:02 am Post subject: |
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Hi Anthony,
If the USDA loan does not permit you to get any money back from the seller, there's no way you can bend the rule. But your lender doesn't know that the person who'll repair the roof is your friend and he's going to charge you only $3000. So, I think you can still show the cost of repair as $5000, if possible, and take a check of that amount from the title company. |
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robertsmith2005
Joined: 22 May 2009
Posts: 338
-0.33 Dollars($)
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| Posted: Sat Jul 04, 2009 4:54 am Post subject: |
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| you can save money. but negotiate with lender. if fact you can negotiate with them in a better way stating poor condition of roof. |
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millerja9
Joined: 19 Jun 2009
Posts: 94
0.78 Dollars($)
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| Posted: Sat Jul 04, 2009 9:27 am Post subject: |
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Can anyone describe USDA loan?  |
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