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Buying a fixer HUD home...

I am under contract with my dream fixer upper but my lender is advising me that HUD is difficult and I may be throwing my money away. He has a rehab loan product but is afraid that HUD will not cooperate last minute. Please help, I need advice! by kellyjean35463253 from Allendale, Michigan. Apr 18th 2017 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

The FHA 203K rehabilitation loan is a difficult loan, but it's not for those who know how to do them.. If your lender is not experienced with the 203K, then you are in for a long, troublesome close.. If it even closes at all.. The HomeStyle renovation loan is a better loan product, but it also has intricacies similar to FHA's 203K.. but it does have less restrictions.. But even this loan requires someone who is experienced in them.. As far as HUD not incorporating with them??? That is absolutely not the case.. But that might be their excuse to try to get you to look at a different home. . I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 18th 2017
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David Kaner (DavidK)
#83 ranked lender in Michigan - 1 contribution

I have been doing FHA 203k and FNMA Homestyle loans for years and they might take a little longer to close but essentially, if you have the right experienced lender and a contractor who understands how they work as well, you should be fine. If your lender (loan officer) is trying to say negative things about HUD, then I can tell you that he/she has not done the loan or has very little experience in doing them. David Kaner Union Home Mortgage Bingham Farms MI 248-802-6464

Apr 18th 2017
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Wall Street Lending nmls 175675We can do the loan fha 203kCall me Sharon @ 586-726-8478

Apr 19th 2017
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