If you have seen some of the other information I put out on this in recent month then you know that RD no longer allows Real Estate Agent Admin fees (just like the VA). In the guidelines that had been published RD simply said it’s not an allowable fee. Good news for agents we recently found was that by saying ‘not an allowable fee’ they mean that the fee can neither be financed into the loan or paid with seller concessions, but that if the borrower paid the fee out of pocket it could be charged.
The key is in the definition of unallowable fees. What this means to you?
If the Realtor Admin Fee is charged then the borrower’s bottom line must reflect as much. Examples:
Bottom line, if you typically charge an admin fee I would throw it on there and see what happens!
One of the biggest myths out there is that you need a bunch of money to buy a house. That’s simply not true. There are a number of No and Low down payment options for home buyers. On top of that you don’t have to be a first time home buyer to access many of those programs. During our next lunch and learn we will cover all the different options out there for buyers looking to minimize their down payment. Over the last couple years its been harder to get a lot of these types of offers accepted. However, with the market going back to a much more “normal” state it’s not nearly as hard as it was just a few short months ago. This is the perfect time for Realtors to reconnect with their past customers and get back out there looking. Come check out this lunch and learn and get a refresh course on low down payment options for buyers!
Here is a list of some of the things we will cover during the event:Visit Jeremy's Blog