I got a preapproval letter today. I was preapproved before for an FHA loan but it was only for $120K and only in my husband's name. Today I was approved by Wells Fargo with me on the loan and 5.9 fixed for 30 years. I never imagined 6 months ago that I would be in this position. We bid on a Hud house tonight. We'll know tomorrow. It appraised at 144K and they are asking 130K so that's what we bid. Our real estate agent is cutting his fee to increase our chances. If not there are plenty of other houses. Thanks for all the advice and answers to my questions. You guys are the best. Kim
When we were buying in the late 1980's...HUD houses here were going for about 105%...($144,000 X 105% = $151,200) WHAT STUPID PEOPLE!!!
Wow, that's dumb. My parents bought a hud house in 1987. They paid 55,000. It appraised at about 80,000. I'd like to meet the idiot that paid extra for the Hud house. I wasn't really looking at them because they really don't sell that much cheaper but then I ran across this one. Don't know why they marked it down. It isn't the standard "trashed" house that Hud usually has. Kim
