Industry News
March 20, 2012
HUD Revising Permitted FHA Concessions
HUD has issued a revised proposal to limit concessions from sellers and interested third parties to buyers. Concessions would be reduced from the current 6% of a home’s value to the greater of 3% of a home’s value or $6,000. Interested third parties are defined to include a settlement company. Items eligible for concessions have also been limited by HUD to exclude certain items.
