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My girlfriend and I are looking to buy our first house and we've found one that's a HUD foreclosure. It's 25000 and it has about 3850 escrowed for repairs (plumbing doesn't hold pressure, garage roof needs fixed, siding is a little torn up on the porch). We went through everything, bidding, signing the contracts, and then they did a lead paint assessment and apparently HUD will pay up to 4000 but not over, and our lender wouldn't do a 203k (or was super cunty about it and told us it would take like 6 months) so we were dissuaded from continuing and cancelled the contract. Turns out, we (apparently) had several options, including going to a 203k which I've since been told isn't a big deal or would take 6 months. Does anyone have experience with this type of rehabilitation loan, how did the process go, was it a huge pain in the rear end, etc? Any experience from any angle - consumer, mortgage banker, realtor, or HUD offical - is super appreciated, because it's still on the market and we'd like to try again. Thanks!
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Jun 22, 2014 18:33
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| # ? Apr 25, 2024 14:03 |
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