Credit Score in Detroit>Question Details

Angie, Home Buyer in Detroit, MI

I recently had my bankruptcy discharged, am looking to buy a hud home cash, how can i get a 203K rehab loan?

Asked by Angie, Detroit, MI Thu Apr 19, 2012

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Rob Weber’s answer
I don't know what the state high cost rules are off the top of my head but depending what those are, a 203k refinance after a cash purchase may not even be possible since the loan amount may/will be so small. These restrictions generally don't apply to a purchase which is why it's always a good idea to think this scenario through carefully before doing so or you may end up with a house you can't do anything with.
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0 votes Thank Flag Link Sat Jun 9, 2012
If you are paying cash you don't need to be qualified for a loan. If you want to get a loan you would need to talk to a mortgage lender. There are time constraints and credit issues you would have to overcome to obtain a future loan.
0 votes Thank Flag Link Sat Apr 21, 2012
Hi Angie,

There is a wait time and you would contact a mortgage lender to obtain the 203k rehab loan.
0 votes Thank Flag Link Fri Apr 20, 2012

With a recently discharged bankruptcy you will most likely be unable to obtain a mortgage at this time. Depending on the type of loan the wait period is 2 or more years after bankruptcy unless there are extenuating circumstances such as a death of a wage earner.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Thu Apr 19, 2012
ok, thank you; so it probably doesnt make sense to buy the house i am looking at, because it needs more repairs than I can pay cash for, it is 203k eligible, but if I cant get the rehab loan, and the home isn't liveable, i'd be stuck with a useless house :(
Flag Thu Apr 19, 2012
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