Did you know that for FHA loans if you write your earnest money check for less than 1% of the sales price you don’t have to source the funds for the check?
This is a new wrinkle in the FHA guidelines, and it reduces the amount of paperwork you have to come up with for your loan.
Many realtors are still unaware of this guideline, so you might want to let your realtor know when you write your earnest money check.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett