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Frequent Contributor
goodgirl-badcredit
Posts: 303
Registered: ‎06-04-2008

Home Buying and 203K Journey!!

[ Edited ]

Well, I thought I would document my 203K journey!!! I have been searching for a home since the end 

of April. I finally found my dream home. I placed an offer on the home on Aug 8th. I was told that three people came in with the same offer and the three of us needed to submit our highest and best; so I submitted my highest 

and best. On Aug 15th, I learned that an investor came in at the last minute and offered cash... I was hurt. 

But I prayed about it and said that if it was meant to be it would be. Prayer works!!! The investor did not want the home. (The listing agent stated that the home needs about $10,000 in repairs.) So on Aug 29 the house 

was placed back on the market. I immediately placed my highest and best offer. Sept 10 my offer was accepted. Yay!!! I received a signed contract Sept 26. (Darn gov't rules.) The home was finally 

dewinterized and ready for inspection on Oct 7. I had my inspection today (Oct 10) nothing major just little odds and ends. 

I will have the contractor come out on Monday to bid on the job. 

 

203K Loan

Submitted to underwriting: Oct. 4

Approved with conditions: Oct 9. -All minor conditions. 

Appraisal: Next week

Closing Date: Nov. 18 but I hope to close a little sooner... I finalize the adoption of my daughter on the 21. 

 

 

Thanks,

gg-bc


Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


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New Contributor
Gkanthony
Posts: 50
Registered: ‎11-22-2011

Re: Home Buying and 203K Journey!!

Congrats on everything!,, especially your baby girl!
We are waiting to hear about our bid on a fannie Mae home now it's been a week and we offered 15k above asking and we are the only bid so far so I'm hoping we get the house. We are doing a 203k also. Please come back and keep us updated and congrats again!
Frequent Contributor
goodgirl-badcredit
Posts: 303
Registered: ‎06-04-2008

Re: Home Buying and 203K Journey!!

Inspection came back with about $4400 in required repairs. Im so excited. Anything that I can do myself I am willing to do. This is awesome. My loan should be packaged and ready for final review next week!!! My contractor will come over on Monday to place a bid on the job.  The appraiser will be there a few days later. 

 

 


Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


Take the FICO Fitness Challenge

New Contributor
stillworking
Posts: 71
Registered: ‎09-25-2013

Re: Home Buying and 203K Journey!!


goodgirl-badcredit wrote:

Well, I thought I would document my 203K journey!!! I have been searching for a home since the end 

of April. I finally found my dream home. I placed an offer on the home on Aug 8th. I was told that three people came in with the same offer and the three of us needed to submit our highest and best; so I submitted my highest 

and best. On Aug 15th, I learned that an investor came in at the last minute and offered cash... I was hurt. 

But I prayed about it and said that if it was meant to be it would be. Prayer works!!! The investor did not want the home. (The listing agent stated that the home needs about $10,000 in repairs.) So on Aug 29 the house 

was placed back on the market. I immediately placed my highest and best offer. Sept 10 my offer was accepted. Yay!!! I received a signed contract Sept 26. (Darn gov't rules.) The home was finally 

dewinterized and ready for inspection on Oct 7. I had my inspection today (Oct 10) nothing major just little odds and ends. 

I will have the contractor come out on Monday to bid on the job. 

 

203K Loan

Submitted to underwriting: Oct. 4

Approved with conditions: Oct 9. -All minor conditions. 

Appraisal: Next week

Closing Date: Nov. 18 but I hope to close a little sooner... I finalize the adoption of my daughter on the 21. 

 

 

Thanks,

gg-bc


I am very new at the home buying process.  So please excuse my lack of knowledge.  After you put the bid in, who paid for the home inspection? If it was you, what was the cost?  Did you have to put a portion of the down payment down first? Just trying to learn, thanks for all your input!


Starting Score: 525
Current Score: FICO EQ 790, TU 696, EX 683
Goal Score:
700+ across the board

Frequent Contributor
goodgirl-badcredit
Posts: 303
Registered: ‎06-04-2008

Re: Home Buying and 203K Journey!!


stillworking wrote:

goodgirl-badcredit wrote:

Well, I thought I would document my 203K journey!!! I have been searching for a home since the end 

of April. I finally found my dream home. I placed an offer on the home on Aug 8th. I was told that three people came in with the same offer and the three of us needed to submit our highest and best; so I submitted my highest 

and best. On Aug 15th, I learned that an investor came in at the last minute and offered cash... I was hurt. 

But I prayed about it and said that if it was meant to be it would be. Prayer works!!! The investor did not want the home. (The listing agent stated that the home needs about $10,000 in repairs.) So on Aug 29 the house 

was placed back on the market. I immediately placed my highest and best offer. Sept 10 my offer was accepted. Yay!!! I received a signed contract Sept 26. (Darn gov't rules.) The home was finally 

dewinterized and ready for inspection on Oct 7. I had my inspection today (Oct 10) nothing major just little odds and ends. 

I will have the contractor come out on Monday to bid on the job. 

 

203K Loan

Submitted to underwriting: Oct. 4

Approved with conditions: Oct 9. -All minor conditions. 

Appraisal: Next week

Closing Date: Nov. 18 but I hope to close a little sooner... I finalize the adoption of my daughter on the 21. 

 

 

Thanks,

gg-bc


I am very new at the home buying process.  So please excuse my lack of knowledge.  Im still learning new things as I go. So no worries. We are all here because we need more information. After you put the bid in, who paid for the home inspection? Im not sure so I hope a guru steps in and answers this. But in my situation I wanted to have an inspection as well as a 203K Consultant on hand. So I found a person who does both and charged me one flat fee. I paid for it out of pocket. If it was you, what was the cost? They cost may vary due to size and scope of work. Did you have to put a portion of the down payment down first? No, as long as you have the down payment in your account it is due at closing. However, I did offer earnest money to let the seller know that I was serious about the property. Just trying to learn, thanks for all your input!


There are many different loan types that you can get. I opted for the 203K Streamline because the property needed some work and I knew that it would not pass FHA requirements. 

 

Hope that helped. 

 

Thanks


Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


Take the FICO Fitness Challenge

New Contributor
stillworking
Posts: 71
Registered: ‎09-25-2013

Re: Home Buying and 203K Journey!!

Great thanx!  Things get so confusing in the beginning!


goodgirl-badcredit wrote:

stillworking wrote:

goodgirl-badcredit wrote:

Well, I thought I would document my 203K journey!!! I have been searching for a home since the end 

of April. I finally found my dream home. I placed an offer on the home on Aug 8th. I was told that three people came in with the same offer and the three of us needed to submit our highest and best; so I submitted my highest 

and best. On Aug 15th, I learned that an investor came in at the last minute and offered cash... I was hurt. 

But I prayed about it and said that if it was meant to be it would be. Prayer works!!! The investor did not want the home. (The listing agent stated that the home needs about $10,000 in repairs.) So on Aug 29 the house 

was placed back on the market. I immediately placed my highest and best offer. Sept 10 my offer was accepted. Yay!!! I received a signed contract Sept 26. (Darn gov't rules.) The home was finally 

dewinterized and ready for inspection on Oct 7. I had my inspection today (Oct 10) nothing major just little odds and ends. 

I will have the contractor come out on Monday to bid on the job. 

 

203K Loan

Submitted to underwriting: Oct. 4

Approved with conditions: Oct 9. -All minor conditions. 

Appraisal: Next week

Closing Date: Nov. 18 but I hope to close a little sooner... I finalize the adoption of my daughter on the 21. 

 

 

Thanks,

gg-bc


I am very new at the home buying process.  So please excuse my lack of knowledge.  Im still learning new things as I go. So no worries. We are all here because we need more information. After you put the bid in, who paid for the home inspection? Im not sure so I hope a guru steps in and answers this. But in my situation I wanted to have an inspection as well as a 203K Consultant on hand. So I found a person who does both and charged me one flat fee. I paid for it out of pocket. If it was you, what was the cost? They cost may vary due to size and scope of work. Did you have to put a portion of the down payment down first? No, as long as you have the down payment in your account it is due at closing. However, I did offer earnest money to let the seller know that I was serious about the property. Just trying to learn, thanks for all your input!


There are many different loan types that you can get. I opted for the 203K Streamline because the property needed some work and I knew that it would not pass FHA requirements. 

 

Hope that helped. 

 

Thanks


 


Starting Score: 525
Current Score: FICO EQ 790, TU 696, EX 683
Goal Score:
700+ across the board

Frequent Contributor
goodgirl-badcredit
Posts: 303
Registered: ‎06-04-2008

Re: Home Buying and 203K Journey!!

Appraisal ordered today. The loan officer stated that it would take 1-2 weeks to hear something. Fingers crossed it will be 1 week. 


Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


Take the FICO Fitness Challenge

New Contributor
stillworking
Posts: 71
Registered: ‎09-25-2013

Re: Home Buying and 203K Journey!!

Great!  GOOD LUCK AND BLESSINGS!!!!!


Starting Score: 525
Current Score: FICO EQ 790, TU 696, EX 683
Goal Score:
700+ across the board

Frequent Contributor
goodgirl-badcredit
Posts: 303
Registered: ‎06-04-2008

Re: Home Buying and 203K Journey!!

  • Contractor has been sent the validation package. 10/23
  • Still waiting for the apprasial. Ordered 10/17
  • The VA (owner of the home) would like to see a copy of the HUD-1 5 days prior to closing.
  • Still having a hiccup with my gift funds. I hope to have that resolved on Friday. 

 

Small things!

 

 


Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


Take the FICO Fitness Challenge

Frequent Contributor
goodgirl-badcredit
Posts: 303
Registered: ‎06-04-2008

Re: Home Buying and 203K Journey!!

Appraisal came back yesterday at $128000. Which is great!!! 


Starting Score: 3/21 EQ 636 TU 669
Current Score: 12/30 EQ 740 TU 712 EX ??? ....
Goal Score: Yay... I reached my goal of 700!!!


Take the FICO Fitness Challenge


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