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  • Comment Detail

  • Date: 06/26/17
    First Name: Richard
    Last Name: Stone
    Email: richstone@pmfpa.com
    Organization Type: individual
    Organization: N/A

  • Comment

    It would help undeserved borrowers by allowing them to use up to 6% in seller assistance as was available at some points in the past and as currently available on government mortgage programs. Many municipalities have increased transfer taxes over recent years creating a bigger home ownership barriers which I believe are reflected in their housing values. Fannie & Freddie seem to be allowing 2% lender gifts which reduces the required investment. In some way, shape or form the lender contribution increases expenses and ultimately will be reflected in rates or costs to borrowers whereas seller contribution is cheaper the lending industry and ultimately better for buyers. There are many cases people needing help get it on their sale offer and although conventional could be cheaper for them than an FHA mortgage, but they are faced with losing seller assistance they can't afford to or taking on an ultimately more costly mortgage. Allowing an increase in seller assistance would ultimately be a win for buyers.