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Financing in Silver Bow County : Real Estate Advice

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Activity 6
Tue Jul 26, 2016
Joe Borelli answered:
Just because a lender is approved by FHA does not mean they will offer the standard 203K or the Streamline K. You need to work with FHA lenders in Montana who have prior experience in funding renovation loans under the 203(K) guidelines.

http://203klenders.org/montana-mt/
... more
0 votes 5 answers Share Flag
Tue Jul 26, 2016
Joe Borelli answered:
Just because a lender is approved by FHA does not mean they will offer the standard 203K or the Streamline K. You need to work with FHA lenders in Montana who have prior experience in funding renovation loans under the 203(K) guidelines.

http://203klenders.org/montana-mt/
... more
0 votes 6 answers Share Flag
Thu Jun 23, 2011
Don Tepper answered:
That's good.

As Sally explained, that means they're reviewing your entire loan application. Typically that's done by an "underwriter." He or she goes through the application and makes sure everything is OK. Usually the underwriter will come back with a few questions. Don't panic. Just comply with what they want. It might be a more recent copy of your pay stub, for instance. Or a more recent bank statement. Things like that.

After everything is assembled and updated, the underwriter makes a decision about whether the bank will underwrite--or fund--your loan.

Good luck.
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Tue Dec 28, 2010
Red_as_copper answered:
After speaking with the lender again today, they are sticking by their guns and telling me it is an FHA requirement. He even went so far as to tell me the FHA underwriter didn't understand the guidelines, and that his underwriters are correct. He has stated he is "busy looking for a loop hole" and even though my locked-in interest rate of 4.25% expired today he is doing me a "big favor" by extending it another 15 days at a cost to the lender of $675. What a guy huh?!? It would never have expired if not due to his "ineptitude" as Mr. McDowell said in his post. I agree that there is some underlying issue with the appraised value of the house. So basically he was not expecting me to take the initiative to contact FHA and call him out on this nonsensical reasoning. Rudy hit the nail right on the head. My agent is about to blow her top, and the seller's agent has gone postal on this lender. Her client is nearly in a foreclosure situation because this has gone on so long. Thanks to everyone for your feedback, help, and suggestions. I will keep you posted. I hope none of you ever has to deal with something like this, ever. ... more
0 votes 9 answers Share Flag
Mon Sep 27, 2010
answered:
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.
Sincerely,
Celia Butler
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Wed Sep 15, 2010
Red_as_copper answered:
Some of you mention the original "purchase contract" - are you referring to the buy/sell agreement? This is the third home I've offered on and in all of the transactions (we're in Montana), we put an inspection clause in the contract, but repairs are not mentioned in the contract. I was told by my agent that repairs would be discussed post-inspection on the inspection notice. Today when I went to fill out the inspection notice, my agent basically told me the seller (the executor of the estate) priced the house to sell and is probably not going to help us out with repairs. Would've been nice to know this before we ever placed an offer because the house needs a ton of work - more than we even anticipated. When we made our initial offer we were told there was an insurance claim on the roof (made by the now-deceased owner), that an $11000 payment for a roof had been issued, and so we thought that meant that money would go towards a roof - surely that's what the insurance company thinks too. I am looking into the 203(k) loan, so thanks for the info on that; that might really help us. The land the house is on (house aside) is worth more than what we're paying, so we don't want to lose this deal. Thanks for the help. Sounds like the agents (yes, I've had several in the course of my home search) might not be up to snuff (they're all REALTORS) because none of them have done any of the things you've mentioned. ... more
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