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FHA loan?

I have a appointment on Wednesday for a FHA loan But i found this house and im in LOVE so happy with it! it needs quit a bit of work but it's worth it any way its a older house it' has it's own property But my reltor says i can't get it with an FHA loan ! she said it wouldn't pass?! she sounded like what she was saying was made up then she showed me a house that was 3x the price the house i loved was .. Now my mother in law was a agent in Cali we are in Oregon so things are different but she said the loan shouldn't make a differences does any body know?

Answer Question
 
Zandrialeann

Asked by Zandrialeann at 12:43 PM on Aug. 21, 2010 in Money & Work

Level 7 (165 Credits)
Answers (5)
  • We just bought a home in Oregon also and didn't get the FHA loan. We were looking at fixers and there were a couple that we looked at actually that wouldn't qualify.
    Jessica157

    Answer by Jessica157 at 12:49 PM on Aug. 21, 2010

  • FHA has a loan program designed for houses that need repair. I believe it has a number name. See a bank loan officer that deals with FHA loans. If you do not feel good about what the realtor is telling you, get another opinion or four others. This is a big investment you need to be completely informed.
    tootoobusy

    Answer by tootoobusy at 6:34 PM on Aug. 21, 2010

  • FHA 203k is a loan program that lends money for the purchase and fixing of a home. Check with your lender about the program. If for some reason you can't go that route, you can always try for a conventional loan.
    how_reb

    Answer by how_reb at 9:24 PM on Aug. 21, 2010

  • Call a mortgage broker. Depending on what needs to be done, the house may not qualify for FHA. A mortgage broker has access to programs that a bank can't use. Not only that, a mortgage broker doesn't get paid if you don't get the loan, so they tend to work a little harder for you.
    CorrinaWithrow

    Answer by CorrinaWithrow at 10:29 PM on Aug. 21, 2010

  • FHA 203k is used to purchase a home and give you money to fix the property up. These are more difficult to get as many lenders do not do them but I know the larger banks do such as Bank of America. Your realtor is telling you it won't pass an FHA loan because under the regular FHA guidelines the house must meet several guidelines and anything that is considered a safety hazard must be fixed before purchasing.
    Kari126

    Answer by Kari126 at 11:26 PM on Aug. 21, 2010

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