Posts Tagged ‘doors

What's the Difference Between a Mortgage “Broker” and Mortgage …

Sunday, December 13th, 2009

Mortgage “Broker” – mortgage brokers are usually approved with many lenders (B of A, Wells Fargo, Home Savings of America, Chase, etc….) and go with the lender with the best price (loan rate) at that time. … A perfect example in today’s market is a lender (name withheld) who recently just closed their doors because of fake reporting to the Federal Housing Authority ( FHA )

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What's the Difference Between a Mortgage “Broker” and Mortgage …

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What Is The The Exact Yearly Wage To Be Considered Middle Class …

Saturday, December 5th, 2009

Posted by FHA Mortgage . December 4, 2009. With the help, bridge loan,whatever, all the hoopla is about the middle class

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What Is The The Exact Yearly Wage To Be Considered Middle Class …

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Homes for Sale Virginia Beach VA, Virginia Beach Foreclosures, MLS …

Wednesday, December 2nd, 2009

Lend America Slapped by FHA , Closes Their Doors: The end of Lend America Independent mortgage originator, Lend Amer… http://bit.ly/5QLO3P. 2 December 2009 No Comment. Lend America Slapped by FHA , Closes Their Doors: The end of Lend …

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Homes for Sale Virginia Beach VA, Virginia Beach Foreclosures, MLS …

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FHA loan to buy a house that needs work.?

Tuesday, September 15th, 2009

My brother was approved for 0,000 through an FHA loan, 3% down payment, he offered the full asking price for a house that is in foreclosure (9,900). Its been on the market for 3 months and the price has been lowered twice. (3,071sq ft. 4bd/3.5 on 4.2 acres)
The last owners, took all the light fixtures, all the doors, and made some holes on the walls. The property is full of garbage and overgrown shrubs, but no hurt or anything that will have to be fixed, just cleaned up.
I’ve been reading about FHA loans, and most people say that properties that need work can not be bought with an FHA loan. Is it right?
We have family and friends that work in construction, so we would be doing all the repairs.. Won’t go over ,000.
We were told by our realtor, that we would get a respond from the bank in about 5 business days…

What are your thoughts on this?

This is in central California, where most home prices have fallen by 50%

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Nearby home sale significantly lowered my home value, should these sales be excluded from comps?

Friday, September 11th, 2009

We bought our home in California in 2006 for 3k and an identical home 2 doors down with fewer upgrades was valued about to 0k less than ours. A year later, that home sold for 0k when the market value was probably in the mid 0k range. It was some kind of sale within a family. Later that year the same house was sold for 9k, purportedly to someone that got HUD help. These sales have significantly brought the value of homes in the neighborhood down (as monitored on Zillow). Now with the housing situation being what it is, we have lost even more value in our home and can’t refinance out of negative am loan. My question is, since these sales were not typical home sales, should or can they be excluded from appraisal comps? If so, how do I go about presenting my case with regards to this home to the applicable agency or institution?

Thanks,
We like the home and want to stay in it so refinancing is what we want to do.
Note regarding upgrades – Our home has a pool, patio awning, concrete and rock work in front yard which is more than just minor upgrades

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