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New build incentive---Mortgage expert opion needed

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Anonymous
Not applicable

New build incentive---Mortgage expert opion needed

I am currently in the process of purchasing a new build.  The builder agreed to pay my lease buyout on the property that I am currently in.  He is now having difficulty determining how to do this.  I rent through a management company and he would need to pay them but he is having trouble determining how to do this.  Something about it being an enticement and not being allowed to do so.  Does anyone know what this is or how he could do the buyout without causing problems?
Message 1 of 4
3 REPLIES 3
Junejer
Moderator Emeritus

Re: New build incentive---Mortgage expert opion needed

Why can't he rebate you and have you pay it? Or reimburse you for the $ amount?






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Message 2 of 4
Anonymous
Not applicable

Re: New build incentive---Mortgage expert opion needed

It is a VA loan and they are telling me that I can only get an amount equal to my earnest money back at closing.  He thought he could pay them directly but evidently new HUD rules do not allow that.  I don't know why, I just hope they can figure it out.
Message 3 of 4
Anonymous
Not applicable

Re: New build incentive---Mortgage expert opion needed

Does anyone know if a builder can pay the first 3 months of mortgage payments as an incentive?  This is a VA loan so I know they are a bit different but if the builder can do this it would solve the lease buyout issues.
Message 4 of 4
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