Can anyone help me with FHA 203k loan questions?

Asked by Red_as_copper, Butte, MT Mon Sep 27, 2010

I live in Montana. I am under contract on a house, and I am approved for a FHA loan. Per the home inspection, several issues - roof, decks, paint - need repaired prior to closing because we have the FHA loan. The seller would not agree to do any of the work or reduce the price. I am supposed to close Oct. 7, but I have a 15 day extension in my contract. The appraisal has not been done, but I expect them to find the same issues or possibly some more. In danger of losing the deal, I went online and research different loans - I found the 203k and asked my lender (wells fargo). I was told I am approved for it, they have all my estimates for work, but they are telling me it will be 45-60 days before we can close. The seller does not like this. There is a back-up offer of cash, their agent would get double commission on that deal. I don't want to lose the house. I already have money tied up in the inspection. Can anyone give me more information or other ideas?

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Mon Sep 27, 2010
Hi there ...
so sorry for your situation. Wells Fargo, in my opinion, is one of the worse in closing times. I as a mortgage broker, and lender in all 50 states, have the ability to rush a file BUT 203k loans do have some additional paperwork. Have you researched and gotten a registered contractor to work with? If all of your team, i.e., realtors, contractors, etc would move expeditiously it can be saved. Oct 22nd is your close date so that is less then a month. I think you have to make the decision if you want to persue it and rush like crazy to get all done that needs to be done. Get appraisal done asap, general contractor in to give a good estimate / cost breakdown and zoom zoom with anything else you may need documentation wise.
Celia Butler
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