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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31770
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hello, i am in the process of purchasing a home using the homepath

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Hello, i am in the process of purchasing a home using the homepath financing. I am putting 5% down. Fannie Mae Desktop Underwriter is being used and everything has beencleared up until now. It has stated that I have exceeded the max.allowed for seller's contributions of 3%. The seller's agreed to pay a little less than 3% plus a chunk ofmy title fees. According to my LO, the 3% closing contributions plus the prorated tax credits has put them over the max allowed. My file has been turned over to a Sr. UW and they have been trying to clear this for the past three days. My closing has already been extended three times. Can anything be done to expedite this process. My extension expires tomorrow. It seems like a glitch in the system that needs to be troubleshooted. Any advice?
Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question.

The only thing you can do to expedite the process is to reduce the seller's contribution and proceed - - but you would have to come up with the money. If that's not possible, you'll have to see if the lender can come up with a way to shave some fees where the amounts will comply with the requirements.

This is simply a numbers issue, and either the lender is going to have to reduce its fess or you'll have to come up with what the seller can't cover.
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