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Jayne B., Both Buyer and Seller in Oregon

I've found my dream home, but the last party that had a 'sale pending' couldn't get FHA insured, due to the

Asked by Jayne B., Oregon Fri Jul 18, 2008

farmhouse not having an 18" crawlspace. I have a bad credit score: 500, but have at least 140k from the sale of my house to use as the down payment on the 200k farmhouse. Two q's: Are there only two types of loans, FHA and conventional? And how hard/cost for raising a house several inches? Should I give up and look elsewhere?

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We bought an old 1948 house that didn't have enough crawl space also. The FHA loan required the 18 inches also. The seller agreed to have the soil removed. We didn't have hardwood floors so they cut a big square out of the floor and removed the soil through a window. They only had to remove the soil from half of the house. Later my husband had to remove bucket loads out to lower another area for a project. Hard work but for a dream home it might be worth it.
2 votes Thank Flag Link Wed Jul 23, 2008
First of all are you working with a Realtor. Next do you have someone that is in the business for 5 or more years. Next you need to understand that your credit score and FHA do not go together. Next the Crawlspace on a FHA loan is only a recommendation and the expertise you need is going to require creative financing with experience. Call your local Realty office and ask if any of the brokers have banking experience as this is hard to find. Next if it's your dream home it can be done if you can truly make the payments and call if you want advice as I can only see the issue is your credit score.
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1 vote Thank Flag Link Sat Jul 19, 2008
We have had contractors here go under a home and have it excavated rather than having the home raised! It depends on how many inches it needs to go up and is it on a concrete slab or is it on a block foundation? If it is on a slab - then yes you may have to raise the home - otherwise - you may check with a contractor to see if there are people who will do the actual digging out of the foundation. Maybe that is a negotiation you can make with the seller - that way not only will you be able to buy the home and get a loan but in the long run you will also be able to sell it! Thank you for the question- I dont see that as a reason to give up your dream! Lana
1 vote Thank Flag Link Fri Jul 18, 2008
Maybe quit dreaming and find a real house that meets the 18" requirements. Do you want to pay to fix the problem? Sounds costly.
0 votes Thank Flag Link Fri Jul 18, 2008
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