Things are NOT going as smooth as we planned, I thought getting the mortgage was the tough part. We are having trouble finding homes that meet our price range and the homes we do find are either ENTIRELY to small or are older homes and need minor repairs, which is fine, however we are told the probably won't pass FHA. I looked into the FHA203k loan which allows you money rolled into your mortgage to improve your home, but of course my lender doesn't do them If anyone has gone through FHA please sure your stories, house conditions, repairs etc. I could really use some hope here. Thanks Mom
Oh, Mom! I"m so sorry to hear this but I think it's going to be a matter of keeping to the search!!! My heart is with you....your house may be the next one!
Thanks Nana, this has been so disappointing lately, we are going to look at a house tomorrow, small but I told my husband we need to go out and look, small or not I have to be trying here. The house does have a full basement (ranch style) but it is unfinished, but we may be able to do some work on it. Never thought finding a home would be a problem, but it has been difficult, most of the realtors down here don't know SQUAT about FHA, I have my lender telling me homes even older shouldn't be a problem we found one home that we liked but were told the installation would pass FHA my lender said why would you want a house with improper installation, I said b/c it is cheap and I can fix that he just doesn't get the prices around here, may check locally for lender , and the realtors telling me completely different claiming FHA is strict etc. I have spoken to "3" buyers agents and NONE of them have ever sold a house through FHA financing, I swear I live in the wrong part of VA LOL. Mom
Mom, Sorry your house search is proving to be such a challenge. My advice is to hang in there until you find something you really like. I don't want you to be uncomfortable or unhappy. My husband and I are also hoping to buy a house within the next year and, like you, we're going to go through HUD. My best friend is a broker and she's going to help us out. My understanding is that HUD is pretty strict in approving the house you pick out. Take care and good luck.
Mom, I am mailing my signed papers and documents tomorrow. What you are going through is one of the many reasons we are moving. Houses here are so expensive. Where I am moving is a completely different story. Then again, the house won't be in beautiful Colorado..instead I'll have a beautiful house in an ugly part of Texas..LOL You know, my daughters are going to sell their house here. They are where the seller has clout but know that they are anxious and will likely end up selling lower than necessary because of it. I'm telling you that so you can feel some hope that you'll run into someone like them on your search....you just never know!! Please keep us informed. I'm so glad to see you post!!!
Hang in there momof3 you've come this far....don't give up. There is a house out there for you. VA is a lovely state and there are many, many homes out there. I do know homes in the Norfolk and VA Beach area are hard to find at reasonable costs. If you're realtor is not helpful, maybe it's time to find another one who IS. ;o) Good Luck.
Mom Have you thought about looking for a foreclosed FHA or VA home. They have a few on their website. I was told that FHA will help you purchase what is left over and help with the repairs. As you know FHA has a certain standard the home has to be in before they will lend. Or maybe you can find a leander who is qualified to deal with FHA @ their website. I don't have their site on hand but I will look and post it here in a sec...!! Hope this helps.. MartysGirl
Ok.. here it is... I hope this may come in handy..! http://www.hud.gov/homes/homesforsale.cfm MartysGirl
Mom I have a few questions for you. I am goin to e-mail them to you tomorrow. Sorry that you are having so much trouble. I am surprised because we went through FHA on our first condo and had no problem at all. I really hope to not have any troouble when we look soon.
Mom, I'm sorry to hear about the problems you are having. I bought my house FHA back in 97. There are a few things you should know. First, FHA isn't THAT strict, but they are supposed to send an appraiser to the house to check it out. It should be up to date with it's electrical, etc. Whatever you do, no matter WHAT, have it inspected by an independent inspector YOU hire. I can't get into a lot of detail here (I'm at work and I have a mtg in 2 mins) but long story short, even though my house was FHA insured, FHA didn't appraise it, the appraiser overappraised my house by $20K and when I moved, I couldn't sell it because it was overpriced. House was foreclosed on. If you want the entire dirty story, email me and I'll tell you. There's a lot of paperwork involved with FHA but other than that, it's pretty smooth. Just hang in there...it will come. And the sellers don't have to know anything about FHA...they just need to know that they will be paid. Lastly, if your dealing with someone who doesn't know anything about FHA, I'd look at some community development organizations. If they have a housing division, they should be able to help out alot. Good luck!
Hey Mom When my mother sold her home to an FHA buyer, the inspection didn't pass. They needed to replace part of the roof. Sooo she escrowed the money for the roof and sold it. My in-laws bought their house with the same stipulation When I bought my home. The independent contractor told me that the roof probably won't pass inspection. But, you never know, It depends on the inspector. He found many small things wrong with the house, including the roof on the extension they built as well as some electrical problems. It passed. SOooooo, don't give up!!! Kelly
