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DO NOT USE THE USDA loan we have been trying since Jan 24th,2013 to close and now is it March 27th 2013 and they just keep moving our date. They do not get in any kind of hurry, they are the government so what do they care...They have totally burnt me and my husband and they have made it so that I NEVER want to buy a house again!!! THEY SUCK!!!
I would use any other loan besides this one, you do not want this headache...... more
I have a lender that I use that goes as low as 600 for a mid. I would love the opportunity to earn your business and assist you in purchasing your first home. Please contact me when you have a moment to discuss. I look forward to hearing from you!
Make it a Great Day!
Tamika A. Goree
Broker | Owner
The DFW Property Shop
Email: firstname.lastname@example.org... more
HUD puts the homes on "Exclusive" for 30 days, meaning that only owner-occupants can bid. All owner-occupant bids are accumulated and are opened on the 10th day of the period. Those opened are treated as arriving at the same time - only the net amount is examined. HUD has a "secret" reserve that the net amount must be higher than in order for a bid to be acceptable. The highest acceptable net bid wins.
If no bid is above the reserve, then bidding goes into a daily opening mode for 20 more days. (Actually it's 20 calendar days of which only business days count for bid opening.) So, each day the owner-occupant bids are opened and the highest acceptable net bid wins.
If no owner-occupant bids are acceptable after 30 days, then the bidding goes into "Extended" mode, meaning anyone can bid. For the Extended period bids are accepted from investors and owner-occupants and opened each business day. The same reserve value is used to determine if the net amount after subtracting closing costs is high enough to be acceptable by HUD. The highest acceptable net bid wins.
IF the property is classified as Uninsurable (meaning FHA won't insure a loan in its present condition), then the "Exclusive" period is shortened to 5 days, and there is a single opening of all owner-occupant bids on the 6th day. Daily bidding by investors and others begins after that. Properties that are in good enough shape to be classified as Insurable or Insurable with Escrow use the 30-day rule above.
It may not be obvious that FHA-uninsurable homes don't get many owner-occupants bidding. So, the price during that window will likely be lower than what the property sells to investors for. The problem is that owners usually don't have the money to put into a repair account plus the 3-1/2% so the deal can be funded by a FHA loan. The repair escrow account would have at least $5,000 of owner money in it. Owner-occupants can also bid using a 203(k) loan, but lenders are just not supporting them anymore. Wells used to do them, but I don't know who will now.
It's a pig in a poke for owner-occupants bidding during the Exclusive period until daily bids start. No one knows what anybody else bids until they accept an offer. They used to tell us who won and how much the net amount bid was. Now they just remove it from the market. It's almost as if they were hiding something - transparency is not happening, despite Presidential assurances.
Some houses don't sell, but others sell above list price. This is especially true during the Exclusive period. There doesn't seem to be a rule, except that the ones in better shape do better.
Once the daily bidding starts, you can try bidding well below list and marching your way up until they accept your bid. I wouldn't bother bidding less than 80% of list: you'll probably be wasting everybody's time.
Your Realtor should be helping you to understand the process and helping you execute a strategy that makes sense in your situation. Your loan is a crucial element in the strategy, which we're not privy to.... more
Naima had a great answer, but I would add that if you're doing FHA, the 3-1/2% down is not something you can get from the seller. You actually have to bring the 3-1/2% to the table.
In the past the sellers were able to contribute toward closing costs and a buyer could potentially bring only 2-1/4% to the table, which includes the earnest money and other cash. Now, on a $100k house, you have to have the $3500 in your own money.
That being said, there are some great programs out there for First Time Homebuyers. Did you know that here in Dallas you can actually borrow against the Federal tax credit of 10% (up to $8,000) from agencies that don't charge any interest? And, you can use that money as your down payment or to cover closing costs! Usually the tax credit amount is much larger than the 3% to 6% allowed by lenders in seller concessions.