Is it too late for a correction on my loan?

I went to settlement on a house yesterday and I had my 6 month old daughter with me and couldn’t give it my full attention. Huge mistake but I had no other way, anyway I bought a new construction and the seller was supposed to give me a $4000.00 seller credit, it was on the 1003 I signed but as I look over the HUD, I don’t see the credit. I want to know if I am screwed totally or can I still get the credit, I took a higher rate so I wouldn’t be charged any points I planned on just taking the builder incentives and then doing a refi. Can a seller credit only be used to pay point??? Jason

Depends on the seller! I would call them direct and see what they say. if they are fair about it they really should just go ahead and redo it and or write you a check! Especially if it is a new builder. I know I have had those mistakes before and I have called and not only gotten it back I also have called people and given them money I also have over looked it and had the people explain where they put it and it was not really missing in the first place!

The seller credit should be on page 1 of your settlement statement. Also listed on pg. 3 and good faith estimate in the loan application. Most importantly this should be in your contract.

If you see this is true throughout I would contact the title company or attorney who closed the transaction immediately.

If it is in your Contract to purchase then you can go to mediation if needed. Maybe the title company just missed it.
Good Luck.

A seller credit on the 1003 really means nothing if it’s not in the sales contract. The title company is responsible for carrying out the contract. They are a non-biased third party and that’s why you use an escrow agent in the first place.

That being said, you may or may not have a ‘seller credit’ listed on the settlement statement. If the seller has some of the ‘buyer costs’ moved from the buyer debit column to the seller debit column then it’s a credit for that amount. So what you may have seen is in reality the ‘buyer’s costs’ moved to the seller’s column and it was done correctly. The HUD-1 statement is just an accounting statement for where the money is credited and debited in the transaction. There are many ways to show the same figures on a HUD-1 statement. Without seeing it directly it’s impossible for anyone to say you either did or didn’t get the credit for certain.