Fannie Mae/Freddie Mac - What closing/misc costs will they/won't they finance?
Assuming a $10MM purchase price and $200,000 in total closing costs (legal, due diligence, etc), will Freddie and Fannie finance the $200,000 as part of the overall LTV? If they were willing to go 70%, would it be only on the purchase price and the closing costs would be funded by equity 100%?
Also, assuming that within the closing costs, there was a "finder's fee" being paid to a broker for locating the property off-market, would that need to be paid out of equity or could you finance 70% of that cost via debt as well?