OfflineI was talking with mtg broker today about sending him my L/O people to get help with credit repair and mtg. He mentioned to me when you are giving buyer credits to a L/O tenant buyer, the credit has to be OVER the fair market rent in order for them to have it qualify for the mtg. For example fair market rent on 3/2 is 1200 you would have to charge them 1300 or more to give them a credit toward their down payment. Has anyone heard about this. I have been reading up on this, and it hasn't been mentioned in anything I've read.
Cathy
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Cathy B
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That's interesting, I would like to know more, where did you find this information,. Knowledge is powerful. Thanks for the info.That's an eye opener WOW! WS
Does that mean if you are already renting the place for less than the ongoing rate, you can not offer your L/O tenant a credit to serve as an incentive? So many things to learn!! Someone help! Is this info right?
Rosalie