Well we all know the “flipping rule” is gone (not that it was enforced – forgive the bitter tone)….

but do you know that seller concessions are probably going to decrease from 6% yo 3% and downpayment increases to 5% from 3.5?

On a 200,000 home that is $3,000 more dollars!

Walter Bianchi spoke to us on Tuesday and gave us the impact of these changes on a 200,000 loan…

Seller concession chaneg means there is $6,000 less available.

Monthly MIP increases from .55% to .85% – 48.25 per month!…

Walter is in the know….thanks Walter! well…maybe not “thanks” other than for the info …certainly not thankful for the changes I guess….lol

I just thought I would send out some thoughts… I have had some interesting comments from a couple of closing agents offices….and I just wanted to remind all of us…

Binders have to be collected and returned to the office of the escrow holder by the agent immediately…

not after everything is “accepted”…. unless specified that way.

I have been told by a closing agent holding binders that binders dont need to be delivered to them by the agents until everything is signed….”NOT”>>>>!!!!!

If the contract states that a check has been collected but will not be presented for deposit until acceptance by all parties with some sort of time limit…say within 24 hours of acceptance…

okay…but….I hope agents are not assuming that binders dont need to be turned in until acceptance because the escrow agent told them so….

came up twice in the last two days…

Just sharing…or maybe venting…or LOL a little of both!

Have a beautiful day!