My husband and I are purchasing a HUD home and we are very excited! The only downside is that my realtor doesnt seem to be too familiar with the whole HUD system and it makes me a small nervous. I only say this because she often contradicts herself. And our last attempt to buy a HUD she failed to inform us that if we bid above the appraisel that we have to bring the difference to the table, not include it in the loan. (We have a contract with her for two months and are trying to beat the 1st time homebuyer credit cut off in Nov.) Anyway, we found an even better deal this time and won the bid, we went slightly over, but we can bring it to the table and will be moving in with over K in equity. But, I have a concern. As with most HUD homes this one needs a few repairs. It was built in 2006 and is gorgeous, but, whoever had it last must have had at least 3 large dogs. Needless to say ALL the carpet has to be ripped out and replaced. Other than that the house is go-in-ready. So heres the thing that gets me. My lender said that he needs to get the house re-appraised before the closing. He called us and was pleased to let us know that the house appraised for about k more than what we are purchasing it for, and that we may be able to roll the closing cost into the loan. This made my husband and I very excited because then we could use all the money that we saved up to fix the house up better than we had initialy plotted. But, my realtor informed us that we would not be able to do this. Why? Everytime we question her to clarify why were just left more confussed. Neither one of us a real estate specialist, but we do have college degrees. Were just so confused. Our lender says one thing, out realtor says another.We have enough saved up to close and do the repairs, but we want to have better upgrades if we can.We are getting a FHA loan, Northeast Houston area. Anyone know this business? Thanks!
Question about purchasing a HUD house.?
One Response to “Question about purchasing a HUD house.?”
Leave a Reply
Recent Posts:
Related results on Question about purchasing a HUD house.?
Owning a home is expensive, and the best way to ensure that the correct amount each year to be paid with a professional tax. However, here are some questions you need to know if you are a piece of property for sale in the next fiscal year. ... You must also Form 1098 from your mortgage and your HUD-1 settlement statement of your title and trust company, if you bought (or sold) a house last year. Interest is available as a deduction, which includes everything you pay for ...
Mortgage refinancing in 2009 was an extremely popular option for finding one is to look at the mortgage broker certifications of the fidelity mutual mortgage company is to say that as far as house purchasing concerns go, you would do well to buy ... People who are dealing with a forensic loan document evaluation, by which they scrutinize the citicorp mortgage rates, HUD 1 settlement, and mortgage market as allowing you to a tee. It's almost like having your own home. ...
If you have questions about this, you should talk to your accountant. 15. According to your responses to the Eligibility Test, you may qualify for the step-up home buyer tax credit of 10% of your purchase price up to $6500, if you meet all the basic eligibility requirements, ... The necessary documentation, in your case, will include a HUD-1 (closing statement) signed by all parties, and may include a copy of your dated divorce decree. Please consult your attorney. ...
First off, Congratulations!
It sounds like your realtor has some explaining to do! He/She needs to discuss this with you and your lender because it sounds like a mis-communication going on. It’s your realtor’s responsibility to keep you abreast of all details and clarify the home buying process to you, but it’s possible that they may not have prior knowledge of working with HUDs by they way they are contradicting themselves. I don’t know what the problem is if your lender says that you can roll in the costs. What was your realtors explanation for why you can’t?
There is a government program where you can use up to $35k to rehabilitate a HUD home before you even go in, but you have to fill out the appropriate paperwork, so perhaps if that doesn’t work out you can apply for this program.