Question about FHA Loan Guidelines?
I’m getting a FHA loan. As a condition of me buying the house the seller says they will credit me $ 2,000. According to the loan guy, under FHA guidelines the seller can’t just cut me a check for the amount. It would either have to come into play by reducing the loan amount by $ 2000 and thus lowering my monthly obligation or giving the $ 2,000 to the mortgage company and they can lower the interest rate to make my monthly obligation lower.
Can anyone confirm this?
One thing to add:
Seller is already paying closing costs.