No More Seller Credits for HOA Dues for BofA Loans

Effective 8/3/09, when a Buyer is obtaining a Bank of America conventional loan, the Seller will no longer be able to prepay HOA Dues as part of the allowable Seller concessions. This applies to loans locked on or after the effective date. If the Buyer is obtaining an FHA loan, the Seller can still pay up to 1 year of HOA Dues as long as the credit to the Buyer does not exceed the maximum allowed Seller concessions for that particular Borrowers loan situation.