RELOCATION GUARANTEED PURCHASE
The Mortgagee may allow the net proceeds (relocation guaranteed purchase price minus the outstanding liens and expenses) to be used as cash to close. If the FHA mortgage applicants is being transferred by their company under a guaranteed sales plan, the Mortgagee must obtain an executed buyout agreement signed by all parties and receipt of funds indicating that the employer or relocation service takes responsibility for the outstanding mortgage debt. The Mortgagee must verify and document the agreement guaranteeing employer purchase of the FHA mortgage applicants previous residence and the net proceeds from sale.
EMPLOYER ASSISTANCE PLANS
The amount received under Employer Assistance Plans may be used as cash to close. The Mortgagee must verify and document the FHA mortgage applicants receipt of assistance. If the employer provides this benefit after settlement, the Mortgagee must verify and document that the FHA mortgage applicants has sufficient cash for closing.