Financing in Seymour>Question Details

Motherof2, Home Buyer in Seymour, IN

Its so stressful to look for a house, we found a house that we like its a hud home FHA eligible and our problem is we cant find anybody(lender) that

Asked by Motherof2, Seymour, IN Wed Jan 27, 2010

offers FHA (203k)

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Rudy R. McDowell’s answer

203Ks are fading out, the potential liabilities and overruns in costs are becoming more and more problematic. For these very reasons, we no longer offer them. If you want one just for cosmetic reasons (i.e new carpet, appliances, remodeled kitchen or bathrooms), I would suggest you get into the home now and apply for a Cash Out refi 12 months from now. If not, I'm assuming you've consulted with your realtor and have exhausted that possible means of finding a lender to assist. If so, perhaps, in this forum, you will find a lender still able and willing to do a 203K. If so, because of it current scarsity, prepare to pay a premium for it. Good luck.
0 votes Thank Flag Link Wed Jan 27, 2010
I feel for you, I tell clients that buying or selling can be very stressful. Are you working with an agent or Realtor? Work with your lender but bottom line, if they won’t loan you the money on a house, you should not consider it and move on. Without the lender you can’t buy it, I know it seems simple but true. I do not know the market there but here in Tucson, AZ there is an abundance of inventory.

Best of luck.
0 votes Thank Flag Link Thu Feb 24, 2011
203K loans are available, and if the property that you are considering needs cosmetic repairs, a 203K Streamline loan may be a good option for you. The Streamline loan will allow you to finance the cost of repairs into the initial purchase, and you can borrow up to $35,000 for the planned repairs. These repairs can include such items as roof and rain gutter repairs, windows, flooring, appliances, and HVAC . Mt blog has additional information regarding the 203K loan at

You will need to have a licensed General Contractor perform the repairs, and the contract must be in place at the time of the application, so you will need to get together with your Realtor, mortgage broker, and contractor quickly to start the process.

Please feel free to contact me in I can provide additional information.
0 votes Thank Flag Link Thu Feb 24, 2011
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