Here it goes. FHA203k beginning stages

[Anonymous]

After being preapproved with USAA for a VA loan, we came across a rehab.  Unfortunately USAA doesn't do FHA, and VA doesn't do rehab, so it looks like we will be using Wells Fargo.

So we get to go through their process.  We have put in our offer of $93k and were accepted, yay!

The next step is getting the financing with WF, and all the inspections.  (FHA/Hud, Home, WDO)

Need all the good vibes we can get.  It's been a long journey for me, and I feel like I can't really get excited yet because we've only just begun.

Closing is set for 60 days. Though worse case scenario, we won't be able to move in for at least 6 months. It was built in 1973 so I'm thinking roof, electrical, plumbing.

We'll see!

[Anonymous]

Good Luck we just processed our last draw today! And I love our brand new kitchen

[Anonymous]

How was the whole experience?  Any advice or what to watch out for?  My husband travels a lot so I'll be the one spearheading the whole thing.

[Anonymous]

I'll be updating this thread as everything happens.

Dropped off the earnest money at the title company, they didn't have the file but luckily I had brought my copy.  Turns out the seller didn't sign two places, so that is being corrected.

FHA/HUD inspection today @1

meeting with Wells Fargo LO tomorrow. My Midscore was 683 and hubby's 740.

[clipperskipper]

Wells Fargo wants Phone numbers for 203K money, I was quoted 7 1/2% and 3 1/2 points, WTH? Go to HUD.gov and look

at 203K lenders, I was surprised at the amount of local small banks that loan 203K money! There's also a good read on the entire

203K process, how the inspections are performed, etc. It's similar to a construction loan in the way that monies are dispersed.

Good luck with your new project!

[Anonymous]

FHA/HUD guy says $42k worth of repairs. He completely ballparked everything, including the wall outlet covers.   We are Seriously hoping the home inspector and contractor say less.  We were guessing  $40k and that was just right about pushing the threshold of what we want to pay for the house.  We can still back out if the findings say over $40k so here's to hoping.  Termite guy tomorrow, home inspection Thursday and contractor next week.

I really want this all to work out!

[Anonymous]

Termite inspection went kind of well.  Termites in one window frame, but we were planning on replacing that anyway.  Also on the frame of the door to the detached garage.

Our biggest blow was that the pool will cost $5300. to repair, of which FHA will only cover $1500. Inground pool, sand bottom, pool liner.

Now we need $3800. more.  It's not looking so well....I really need a miracle here.

Home inspection is tomorrow 

Part of me wants to just give up, but I want the final #s before we walk away.

[Anonymous]

we got 5.75% and if we brought in an additional $1500.  it would have been 5.5%

my agent thinks we can get better, but we'll see

[Anonymous]

nope. this place is worse than we thought...not worth it