As a mortgage loan officer, I can finance a HUD home with an FHA mortgage ONLY for an owner-occupant. Since you are asking from California, my first question would be about your intention and ability to occupy the home. If not, you would be an investor. Conventional financing would require at least 20% down.
Licensed Mortgage Loan Officer
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It generally takes about 45 days depending on the lender. Approximately 21 to 30 days for lender to process the loan and another 10 to 15 days for USDA approval. The areas for USDA loans is limited to the more rural areas. Garland does not qualify. But places such as Royse City and Forney do. Call me if you have any questions.
Coldwell Banker Jane Henry, Realtors
Unfortunately, since you already have a realtor who is representing you, it would be against the code of ethics for another realtor to advise you.
Your realtor should also be able to give you a few names of mortgage officers who would best be able to assist you. The fact that you have already found the home that you want but have not looked for or found financing is worrisome. HUD will require a preapproval letter before you can even submit your bid.
Talk to your agent. Tell him/her that you would like more in depth information about the bidding process and about the home loan process. Ask them for recommendations and referrals. That is what they (we) are there for.
I have two great lenders that I work with that i would be happy to provide you, but have your agent contact me to get the information if you want them.
It's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTORÂ®, e-PRO, SFR
Keller Williams Elite Park Cities
If you're able to get a seller credit towards closing costs it should cover a majority or all of the closing costs. Typically, it ranges from 3-6% of the sales price. Your Realtor would include the seller credit when writing up an offer on a home on your behalf.
Let me know if you need a local lender in Dallas I would be able to get you in touch with a great mortgage broker in your area if you're in need of getting pre-approved to buy a home.... more
You would most likely need contact a local bank for a personal loan for remaining balance. Happy assist if yoiu need search
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