Posted by steveb on February 01, 2003 at 08:43:37:
The reason they are giving you problems,is because they(the lender)doesn’t like to lend on properties that need work.try working with a hard money lender.it cost more money,but less problems.i know of two in texas.
HUD foreclosure & conv.financing - Posted by Travis (Dallas)
Posted by Travis (Dallas) on January 30, 2003 at 21:39:26:
I keep having lenders tell me that they know how to handle financing HUD foreclosures that need repairs, and then the lenders come up with all kinds of excuses for messing up.
It took me three months to close a deal that needed repairs using FHA 203b financing with repair escrows.
I thought conventional financing would be a breeze, but the lenders have a problem with a roof replacement after closing.
What lenders in Texas can lend money on HUD foreclosures that need repairs? HUD won’t let the repairs be done until after closing and the lenders say that can’t lend the money…specifically the house needs a new roof…it probably has something to do with the mold scare in Texas.
Do you have any suggestions?
Travis (Dallas)
Re: HUD foreclosure & conv.financing - Posted by Angel Gutierrez
Posted by Angel Gutierrez on February 04, 2003 at 07:39:26:
Answer is…don’t bother with HUD foreclosures. Let them deal with the problem. Always …Always…Always do a deal on YOUR terms. As far as HUD/distressed properties are concerned, who’s doing whom a favor?
My philosophy is…It’s may way or the highway…
Angel
Dallas, Tx
Re: HUD foreclosure & conv.financing - Posted by Don Dion
Posted by Don Dion on February 03, 2003 at 03:14:35:
Answer dont use a HUD loan!! I have a conventional construction perm loan if its going to be your primary home that has a 90%LTV based on the value after the work is done. In some areas of the country that is 95% but a quick look at the texas lenders shows 90% to start with.