Jerry Gardner

HI Katina,

It's been a long time since I've done VA and FHA, but the health and Safety issues haven't changed. Certain appliances count like a stove and heater as two that constitute basic livability. What we used to do in situations like yours was to get approval from VA or HUD to allow the Buyer to purchase the appliances then use that toward the down payment. That also coincides with the sweat equity provision. Unless it is a VA No-No, you may even be able to get approval to use some of the earnest money toward the purchase. Depending upon the lender, you may also be able to request a holdback and a 442 (appraisal update) to allow it to close with an immediate fix. The buyer may have to come in with more funds to do that, but you never will know if you don't ask. One last thing, if the buyer is overly stretched, you may want to check with a local church or Habitat-for-Humanity who may be able to donate the appliances or purchase them for you and allow you to pay it back. Check your non-profits too.

Good luck. JG - Wed Jul 2 2008, 17:52

Hi,

Another way is to pull up a title record on the property through the MLS, then go to the Comparable Properties. Set the parameters to 5 to 10 miles out (5 is normal for Rural), and hopefully you should find them.

Jerry G. - Wed Jul 2 2008, 17:36

Hi Tim,

Please check the link below. My seller is a southern California resident with properties in Houston that already cash flow with 20% or less down, and is able to put in certain guarantees. All of the properties (he owns approximately 45 sfrs in the Houston/Woodlands area) are locally managed and rented, all built in 2005, and were managed remotely from Southern California using the local agency. I am posting more on the site that I've linked you to, but these properties are indeed worth looking at because one of the guarantees is that they are rented. Prices range from $134,900 to $165,900, 3 and 4 br, rent ranges from $1,150 to $1,395. He will also guarantee reduced property management fees for a fixed period. Please let me know if you are interested. - Tue Apr 29 2008, 16:32

Hello Brenda,

It looks like you have quite a few good answers below, but I want to add a few items that I hope will be helpful. Depending upon the type of loan you're looking for, it isn't always that the credit score is bad, but more why it is the way it is. Example, if you incurred bad credit due to job loss, illness, death in the family, or other things like that, FHA and other local agencies could still work with you but it would require proof of the problem and other documentation. FHA is a great resource, and even has programs that would allow you to buy a home while in Chapter 13, provided certain things are met, including the trustee approval.

I have included a link to the El Paso Housing Authority which has the HACEP program for low income folks who want to purchase a home, if that is why your credit is bad. And I would recommend talking with them first before spending money on credit repair because not all of them work but can cost a lot. And if you're moving to another city in Texas, check with their housing authorities to see what they offer, as an example Houston offers a program similar to El Paso's, and they work in conjunction with FHA.

I hope this helps, and I wish you the best. Feel free to contact me if you have any other questions. Take care. Jerry G. - Tue Apr 29 2008, 16:19