Home Buying in Glendale>Question Details

Harvey04, Home Buyer in Glendale, AZ

I need a bank that will finance FHA with DTI 50% & will allow me to buy a HUD home with a empty pool(HUD won't fill the pool)Any help is

Asked by Harvey04, Glendale, AZ Tue Feb 8, 2011


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Hi Harvey

You need a lender that understand HUD procedures this should not be a requirement for the lender and obviosly the one you are using has no experience on this type of transaction, I can give you 2 options to use if you are still in need of one :)
0 votes Thank Flag Link Thu Feb 17, 2011
Thank you all- I wish I could just throw a hose in the pool- but my agent isn't willing to budge on letting us touch the property. The condition of the pool is unknown - they say they drain it for safety reasons- so it could be perfect, or a mess- either way the lot is over 15k and I could careless about fixing the pool right now. Hopefully It will work out. Thanks again!
0 votes Thank Flag Link Wed Feb 9, 2011
Hi Harvey,

If you still need some help here or another opinion, please feel free to contact me directly. I work for a mortgage bank that can go up to a 55% DTI. As said below, it will depend on what the appraisal says about the condition of the pool.

Please feel free to contact me; I'd be glad to help.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA, 203(k), VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
Web Reference: http://www.ezAZloan.com
0 votes Thank Flag Link Tue Feb 8, 2011

I would look at other lenders and typically not the big banks. Most all Realtors have our own favorite lenders that we refer out on a regular basis.

Do you have a Buyers agent representing you?

Doug McVinua

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Tue Feb 8, 2011
Here is a good blog on reducing your monthly bills. Even thought you can get a loan while have 50% DTI, wouldn't it be nice to get rid of some of it? Hope this helps
0 votes Thank Flag Link Tue Feb 8, 2011
On a HUD home, the FHA appraisal has already been completed and underwritten. This is a nice bonus with HUD homes because you don't have to pay for an appraisal! The pool doesn't need to be filled unless the appraisal is more than 4 months old (in that case you need a new appraisal and then it is a problem). Use a lender familiar with HUD sales so they don't try to order a new appraisal or re-underwrite the appraisal that was already done and you should not have an issue! Good luck!
0 votes Thank Flag Link Tue Feb 8, 2011
I am of the same thinking as Randy. Sometimes the Buyer and the Buyer's agent have to get a little creative to get some of these homes to pass FHA, like fix that broken window, handrail etc.. I am not sure if the water is off to the home, but if not, let that sucker run til it is full. If the water is off, you may have to give the neighbor a hundred or so to use his water. Good luck!!
Web Reference: http://www.SearchAZmls.com
0 votes Thank Flag Link Tue Feb 8, 2011
The empty pool a very frustrating situation that many of us have encountered before. And in your case, HUD won't will it, and yet it's a HUD requirement that the pool be filled in order to pass an FHA appraisal. Has anybody (like the listing agent or your buyer's agent) considered dropping a water hose in there and accidentally turning on the water? ;-)
0 votes Thank Flag Link Tue Feb 8, 2011
I can make the loan work for you at 50% DTI. The pool will have to be filled though, it's a hazard.
0 votes Thank Flag Link Tue Feb 8, 2011
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