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Established Contributor
chan85
Posts: 554
Registered: ‎03-13-2011
0

Re: FHA Approved Properties?

I wish I could. That was why I wanted the assistance program. 3.5% + $5k for closing/down pymnt asst..... Even my LO was like it said FHA financing on the letter, why did no one catch it!?

WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
Amex Zync/UNICORN- NPSL/Capital One Venture One Pro -$7,000/NFCU Cash Rewards- $7,500/NFCU NavChek- $5,000/SouthWest Airlines- $5,000/Capital One Quicksilver Platinum- $3,000/Wal-Mart Discover- $6,000/Bill Me Later- $2,200/JCP- $4,700/Discover IT- $500/Care Credit -$2,300/Old Navy Visa- $2,000/New York & Company - $1,000/Capital One -$800
GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
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Re: FHA Approved Properties?

Best thing to do would be contact the HOA and find out whats keeping them from FHA. It might be tenant to renter ratio, land lease, funding, maint., or just paper work.

Starting Score (12/1/2010) - EQ: 495 / TU: 490
Current Score (11/3/2012) - FICO EQ: 705 / FICO TU: 696 / Transrisk: 753 / Vantage: 753
Established Contributor
chan85
Posts: 554
Registered: ‎03-13-2011
0

Re: FHA Approved Properties?


MattieNumNums wrote:

Best thing to do would be contact the HOA and find out whats keeping them from FHA. It might be tenant to renter ratio, land lease, funding, maint., or just paper work.



Already put in a call and sent and email. Waiting for a response.....

WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
Amex Zync/UNICORN- NPSL/Capital One Venture One Pro -$7,000/NFCU Cash Rewards- $7,500/NFCU NavChek- $5,000/SouthWest Airlines- $5,000/Capital One Quicksilver Platinum- $3,000/Wal-Mart Discover- $6,000/Bill Me Later- $2,200/JCP- $4,700/Discover IT- $500/Care Credit -$2,300/Old Navy Visa- $2,000/New York & Company - $1,000/Capital One -$800
GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
0

Re: FHA Approved Properties?

Good Luck!!!

Starting Score (12/1/2010) - EQ: 495 / TU: 490
Current Score (11/3/2012) - FICO EQ: 705 / FICO TU: 696 / Transrisk: 753 / Vantage: 753
Established Contributor
chan85
Posts: 554
Registered: ‎03-13-2011
0

Re: FHA Approved Properties?

Just heard from HOA. Not trying to get FHA approved. Terminating contract this evening :smileysad:
WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
Amex Zync/UNICORN- NPSL/Capital One Venture One Pro -$7,000/NFCU Cash Rewards- $7,500/NFCU NavChek- $5,000/SouthWest Airlines- $5,000/Capital One Quicksilver Platinum- $3,000/Wal-Mart Discover- $6,000/Bill Me Later- $2,200/JCP- $4,700/Discover IT- $500/Care Credit -$2,300/Old Navy Visa- $2,000/New York & Company - $1,000/Capital One -$800
GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: FHA Approved Properties?

I'm sorry :smileysad:


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Regular Contributor
MattieNumNums
Posts: 125
Registered: ‎04-06-2011
0

Re: FHA Approved Properties?

Sorry to hear that.

 

Have you looked into Homepath? Not sure what area you are in but in my area we had a bunch of great Homepath properties and so far its been a smooth process.

Starting Score (12/1/2010) - EQ: 495 / TU: 490
Current Score (11/3/2012) - FICO EQ: 705 / FICO TU: 696 / Transrisk: 753 / Vantage: 753
Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011
0

Re: FHA Approved Properties?

My heart dropped when I read this.  So sad to read and empathize with your disappointment:smileyembarrassed:


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Established Contributor
chan85
Posts: 554
Registered: ‎03-13-2011
0

Re: FHA Approved Properties?

Thanks guys. Not all hope is lost. Long story short, we are checking to see what the legal description of the property is- condo or townhome.

 

Condo, we have to terminate and start looking for something else (which we already are looking at listings).

 

Townhome, we can proceed!

 

I say everything happens for a reason, perhaps the day after I closed, the pipes would have burst or something....

WM TransUnion- 650 (6/2014) Credit Sesame Experian- 691 (6/2014) Credit Karma TransUnion- 665 (6/2014)
Amex Zync/UNICORN- NPSL/Capital One Venture One Pro -$7,000/NFCU Cash Rewards- $7,500/NFCU NavChek- $5,000/SouthWest Airlines- $5,000/Capital One Quicksilver Platinum- $3,000/Wal-Mart Discover- $6,000/Bill Me Later- $2,200/JCP- $4,700/Discover IT- $500/Care Credit -$2,300/Old Navy Visa- $2,000/New York & Company - $1,000/Capital One -$800
GOALS: No new inqs until 10/30/14. Pay off debt consolidation loan in less than 1 year. Snowball debt payments.
Last HP: 3/5/14
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: FHA Approved Properties?

I am so very sorry.  However, I do believe that the universe is out there watching over you - and knew this wasnt the right decision for you.  I guarantee you, you will look back and KNOW for a fact that this was the best thing that could have happened.  IDK if that is going to be in a month, a year, or ten, but you will see.

 

Take all you learned during this long process, pull your socks up, after you have given yourself a break, and get back to it when you are ready.  I'd think about a new agent.  Clearly that person's mistake in my opinion.  Or you can have them take your inspection fee out of their commission and give it to you in cash when you DO close, which you will!

 

 

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