Home Buying in 49095>Question Details

Nickany, Home Buyer in 49095

FHA not accepted, selling bank wants FHA 203K (no idea why). Looking for a new lender that can do this locally, not through an outside BIG bank.

Asked by Nickany, 49095 Mon Mar 7, 2011

No inspections have been done on this forclosed home that we attempted to buy last year as a short sale. The bank accepted our offer terms, but will not accept our FHA financing They will accept a (higher interest) FHA 203k loan. The bank that preapproved us only does 203K via a national bank. I've heard that's a bad idea but don't know how to locate an experienced and trusted lender that can offer 203K locally.

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Answers

6
Nickany,

The reason the bank is probably requiring the 203(k) loan is because they are aware that there are repairs needed to the property to make the home insurable under the FHA program with HUD.

As Dan Moyle stated below, AmeriFirst specializes in 203(k) lending and would be happy to help.

Please contact me at scartwright@amerifirst.com and I will put you in touch with a licensed loan originator that can help you out.

Thanks
Sandra Cartwright
AmeriFirst Home Mortgage
Branch Manager
Web Reference: http://www.amerifirst.com
1 vote Thank Flag Link Wed Mar 9, 2011
Nickany,

We're a Michigan Mortgage Banker with several experts in the FHA 203k program. Our team is knowledgeable and quick. Check out the blog for great info: http://blog.amerifirst.com/amerifirst-blog

If you find what you're looking for, let us know. http://blog.amerifirst.com/from-repairs-to-rahab-a-203k-loan…

Or email scartwright@amerifirst.com to get in touch with one of our 203k Specialists.
Web Reference: http://www.amerifirst.com
0 votes Thank Flag Link Wed Mar 9, 2011
good evening....all three below answers are good ones...i am licensed to do 203k loans...but, i choose not to, becuase of the amount of work and aggrevation for my clients....if you find something that has all (or mostly) all cosmetic issues rather than repair issues....you'll be a much happier buyer...inherting equity by reapiring it yourself isn't the fun and exact math problem most people expect it to be....
very best regards
bob mcclure....
0 votes Thank Flag Link Mon Mar 7, 2011
As a real estate professional licensed in Michigan I always advise people interested in FHA financing to begin with the list provided on the HUD web site:

http://www.hud.gov/ll/code/llslcrit.cfm

Here you will find lenders local to you that will help with your home financing.

When a homebuyer wants to purchase a house in need of repair. The FHA 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.

For further information and real estate questions, contact

Chip Andis ~ Buyer’s Agent
Cell (248) 931-0084

Chip@Realfi.com

REALFi
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
0 votes Thank Flag Link Mon Mar 7, 2011
There could be various issues with the condition of the home, no working/functioning utilities, chipping paint...that are all red flags for FHA loan approvals. If you are in need of finding a local lender that will provide you with a 203K Loan, please feel free to call me, Elizabeth Tintinalli at
3136172699.
Web Reference: http://www.lizindetroit.com
0 votes Thank Flag Link Mon Mar 7, 2011
There is apparently an issue with the house that will prevent it from going straight FHA ... is it missing a Kitchen maybe?

I have a great contact from a regional bank for FHA 203k loans. Email me at Derek@DoorToDreams.com and I'll get you that info.

Thanks
0 votes Thank Flag Link Mon Mar 7, 2011
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