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93280 : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 2
4x4lvr, Home Seller in Wasco, CA
Thu Jun 25, 2015
4x4lvr asked:
George Raymo…, Real Estate Pro in Fort Worth, TX
Sat May 4, 2013
George Raymondo answered:
You can purchase ANY single family residence with an FHA or USDA loan. It just depends on the condition of the property. Several years ago, I could use to fund USDA loans with missing cabinets, toilets, missing appliances, etc but over the past couple of years the USDA has adopted the same "Health and Safety and Property Standards" as FHA. Therefore as long as home doesn't have say...broken windows, exposed wiring, missing toilets, or a stove then you should be good to go. And even if it does, we have the FHA 203K that allows a buyer to finance the home in a "As Is" Condition.

If it doesn't meet the minimum standards then you can either request the seller to pay any lender required repairs by have your Realtor submit a Request for Repairs, or you can pay it yourself through the escrow process. You can even use the USDA loan to finance HUD REOs. I have been doing both FHA and USDA loans while most Loan Officers were still in elementary school. Hopefully you choose to work with an experienced LO with a proven track record of smooth transactions so you won't get any surprises or what we call the 11th hour squeeze. Check out my Profile and Recommendations, that should speak for itself.

Best of Luck!
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