NEED HELP! - Posted by Gib

Posted by Gib on April 09, 2002 at 17:18:42:

Thanks for the response. Tried local banks, no luck. Agent says bank that owns it won’t finance (can’t figure that out) Hopefully should have answer from another lender thursday. Nobody around here wants to mess with an FHA 203(k) loan. Unbelievable.


NEED HELP! - Posted by Gib

Posted by Gib on April 08, 2002 at 16:59:23:

Found a bank REO. 88-92K ARV. It needs approximately 5K in repairs, purchase price is 64.5K I was approved for a mortgage with Countrywide, but they won’t finance because of the repairs needed. Anyone know of a company that will finance this in Northwest Florida?

Can’t find anyone in the area who will do an FHA 203(k) loan.

Looking at this for primary residence, so it will owner occupied. TIA


Re: NEED HELP! - Posted by Bill in Beaumont, TX

Posted by Bill in Beaumont, TX on April 09, 2002 at 06:37:00:

I’m certainly not an expert yet, but closing on similar deal this week. Bank REO, appraised $125k, purchase contract for $70k. Older home with newer townhouse attached in good area. Will live in house for a while and rent townhouse. Walked into local community bank and got pre-approval for full amount plus $30k construction loan for renovation, roof, siding repair, carpet, paint, appliances. 7% rate, no down and no PMI due to high appraisal. Closing costs somewhat higher due to double-close for construction loan. Did have to come up with a Gen. Contractor to bid the project.

Sounds like you have a similar equity position…check with some smaller local banks, might surprise you.