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Can MGICs modification premium be included as a closing cost and added to the loan amount?

April 26, 2017added closing COST included loan mgic modification Premium

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Can MGICs modification premium be included as a closing cost and added to the loan amount?

1 Answer

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Fannie Mae will not object to our modification premium as a reasonable and customary closing cost. As long as the LTV, based on the loan amount including the modification premium, does not exceed Fannie Mae’s maximum LTV limit, the modification premium can be included.