topic Re: USDA Rural Housing Loans Foreclosures & Fixer Uppers? in Mortgage Loans

USDA Rural Housing Loans Foreclosures & Fixer Uppers?

jumpingin — Sun, 08 Apr 2012 23:03:58 GMT

Just curious how this works? The home we are most interested in for our family, is a foreclosure at a great price, but a bit of a fixer upper. The broker had mentioned no fixer uppers but I am not sure what is considered a "Fixer Upper" technically. This house will need new paint & carpet, but the basement was sectioned off into a daycare previously & not very well. The walls are here and there & we would definitely want to knock down walls and drywall the basement the right way. Would this be a problem since we are going through USDA? TY! :smileyhappy:

Re: USDA Rural Housing Loans Foreclosures & Fixer Uppers?

theholst — Mon, 09 Apr 2012 02:07:59 GMT

USDA has set requirements that you must meet.

For instance I signed a contract with a house that has no heat and no water heater. This is a NO NO for USDA which I am going with. You will need to make some sort of agreement with the seller to get this to work out in your favor. At least that is what I am trying to do. Ill keep you updated as I only have 4 1/2 more weeks before I close.

Re: USDA Rural Housing Loans Foreclosures & Fixer Uppers?

jumpingin — Mon, 09 Apr 2012 17:06:12 GMT

Ty for your response. Please keep me updated. The problem with this home it's a foreclosure... So, if there is a repair Im sure we'll just be out of luck on this house.