Got this from my realitor
 

Bill
Sarah sent me your pre=qual letter. Thats great. Its for a Rural Development Loan because thats 100% loan, no down payment.
The HUD house wont work for a RD loan tho, because it has to have heat and or air replaced, and RD Loans must have repairs made before closing. HUD houses are sold (as is) so I dont see much point in going to see this one, since theres no possibility of buying it.
RD is the ONLY 100% loan availaable anymore. FHA & Conventtional both require down payments. FHA at 3.5%, and Conv at %5.
She said you also qualiry for a FHA loan but then you would need 3.5% down.
So this on just wont work because we dont have a private seller to work with to get the repairs done. HUD dosent do them.
Sorry, but its good your prre qualified, so we can be ready when we find one that will work.

And?!?!?!?

She forgot 100% VA

Glad she is helping you, and that she knows about RD loans, but your realtor is a very poor speller!

I belive Farmboybill enjoys the process of looking for a property more than actually getting one at this point in time. Someday that will change and he will hop to it. For now it is educational for him. And us.

He has done quite a scatter shot of browsing and looking and applying for this and that.

If he were more serious, he would focus on what he has and what is out there and make something work based on those 2.

That would get a little old if I were his realitor, as there will be a lot of running around with not much ever happening.

However, for those of us on this forum, his sharing his persuits really helps us all know about the programs and the process of house hunting, and I thank him for sharing with us.

I enjoy his threads on it.

Paul

In my eleven years as a realtor I never once was able to get a home financed through VA. Just wasnt happening in our area. Those are worse than fha loans... the house has to be better than perfect... it has to meet VA specs.

We got 100% financing on a repo house that needed repairs before closing with a USDA loan. ~shrug~ Sounds to me like your Realtor isn't interested in working very hard. It's also a traditional construction house on 20 acres. You need harder working loan and real estate agents. IMO

Is there someone making loans that don't meet their specs?

My company made truckloads that met specs.

We didn't ask them to do loans they didn't do!

Maybe he would have better luck buying a hospital...

There is no 'i' in Realtor and its pronounced Real-tor NOT Real-i-tor

I was referring to the property meeting their requirements, not mortgage companies or banks. Most of our properties were rural, and pretty run down with sellers who had no interest in investing in them to get them sold.

I asked about Foreclosed places. REALTOR sent me this.
Foreclosure is not an issue. Its the condition of the property on a foreclosed home. When its been foreclosed on, we no longer an individual seller to work with. Its either Fannie Mae, or Freddie Mac, or HUD, ect. AND GENERALLY, they don't do repairs. And generally, foreclosed homes need more than the usual amount of repairs because there has usually been a lot of deferred maintenance going on because of lack of funds that caused the foreclosure. SO, its kind of a vicious circle,. Occasionally, youll find one in fairly good condition, but that's not the norm.
Its going to be a lot more likely to find one in good condition wile its stile individually owned. AND THEN, we can get the needed repairs done before closing by including them in the contract and having the seller do them.
Well find something. Glad your pre-qualified now.

I appraise primarily for VA loans and don't find that to be true at all.

Which it is? Both or either? Shees.

So here there are some options: 1) take the current, non functioning heat and/or air out and replace it with wall and window units; 2) have the appraisal done Subject To and make the loan work that way.

I don't know how long this thing has been on the market (can't find the MLS number in this thread) but I can tell you that if HUD or whomever owns this property is not a bit flexible they end up owning it for a long time. And they know that.

Nor do I, or the 2 houses I own that were purchased with VA loans.

I found dealing with the bank to be a breath of fresh air compared to an owner with emotion vested in their property. It's all about numbers to them. Though we never dealt with Fannie Mae held homes or whatever, they were banks we dealt with. Again, this sounds like excuses not to get you what you want. I am hoping the errors are yours and not the realtor's because I sure wouldn't trust one that couldn't bother to use a spell check when sending emails to a client. :P

I bought some HUD homes and they do not allow any repairs prior to closing.

I don't qualify for a VA loan.

Where were you when I needed ya? I lost numerous sales and coulda used the commissions, but our VA buyers could never get a loan to go through. Always some nitpicking about property size, or condition. :shrug:

Dutchie, its mls 1409675

You have to say what city too and state... I mean are you buying a million dollar place in Virginia? Or a 157k little shack in NJ? ;)

Okla. Sorry.Dutchies in Okla, so I knew she would know it. Forgot to think about the rest of ya. Sorry.

Everybody knows the "R" is supposed to be a capital letter too.

Realatator is the spelling that most lawyers use.:thumb:

BINGO you win the prize.

First two homes we owned were VA loans and it seemed to me no more than signing the papers---easy. Best I recall the first one was 900+ Square feet and something like $7,000. Second was a bit larger and cost $15,000 and change. That was a while back.

I was just gona ask but man what a place the one in VA is!!!!!!!!! I was guessing OK

Well, do you think im a step ahead of where I had been for a couple years, or just facing another direction?
I think the vagueness of the financing, has been more or less settled, but it still remains Ive never yet found a place that likely would pass a inspectors OK as to needing NO repairs. And art around $60Gs, Its going to be dang hard to find one as I want it to be, and, since I got the OK financially, Im not settling for less than I want. Im in no hurry, as Ive still got to sell my hay, and am not in a hurry to move in the winter. Places for sale likely will be less during winter also. So I look for spring for the market to open up, and hopefully, Ill be ready for it. Whats your thoughts??

FHA has a program for homes that need repair. 203k loans are a pain in the ass, but they can be done, making a non FHA qualified home financed. The program closes with borrowed funds in escrow, being payed out at the required work is complete.

Bank I worked with a couple years had something like that. They would loan me the money to buy the place, but they would also pan out money to fix it up. I had to keep explicit records of money spent, and somebody would occasionally come by to make sure the money was being applied to the house.