I was talking with mtg broker today about sending him my L/O people to get help with credit repair and mtg. He mentioned to me when you are giving buyer credits to a L/O tenant buyer, the credit has to be OVER the fair market rent in order for them to have it qualify for the mtg. For example fair market rent on 3/2 is 1200 you would have to charge them 1300 or more to give them a credit toward their down payment. Has anyone heard about this. I have been reading up on this, and it hasn't been mentioned in anything I've read.
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