Reply
Valued Member
Posts: 39
Registered: ‎11-09-2012
0

Urgent - need some guidance on settlement

Getting ready to close & just got settlement statement.  I have up to $7,950 in seller credit, however due to the limitations of how it's being applied, they only have about $1600 in seller credit toward closing cost....this is my question, can't I take the additional seller credit & pay off the UFMIP instead of financing into the loan - which wouldn't reduce the cash needed to close, but rather reduce the loan amount accordingly?  I have question into lender now - but wanted to get some feedback if possible!!


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


Take the FICO Fitness Challenge
Valued Member
Posts: 39
Registered: ‎11-09-2012
0

Re: Urgent - need some guidance on settlement

Think I got my answer - they are sending revised HUD with seller paying the UFMIP & will reduce my loan amount by $4500 - woo hoo!!!!


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


Take the FICO Fitness Challenge
Community Leader
Super Contributor
Posts: 5,718
Registered: ‎03-06-2010
0

Re: Urgent - need some guidance on settlement

Yea! Yes, that's that way to turn lemons into lemonade! :smileyhappy:

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Urgent - need some guidance on settlement

Good job for noticing and getting it done over. Congrats.
Good Luck
May all your dreams and wishes become a reality!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.