We've been in close contact with the secondary market agencies as they developed these guidelines, and we're encouraged that they've provided clear guidance to mortgage servicers on important issues such as allowable closing costs and real estate commissions. (realtormag.realtor.org)
However, if the borrower receives more than $ 250 cash at closing, the loan is limited to 85 percent of the sum of the appraised value and allowable closing costs. (fhaloanpros.com)