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Yeah- that is my fear- that they will igve us the go ahead and we will be all excited and find a home-then in the final round- won't actually get funding becuase of underwriting.
I heard this is the longest wait ever. And it sure is. If we could get a home with just the guaranteed we would but I don't think we could afford it and they don't do fixer-upper loans I don't think.
We are funded!!! got the call today!
$147,000
BUT there are seriously only 3 homes in our area- and none of them have the yard size we want. I guess this is a first time home for sure.
That's great news! I finally got an answer out of my local office... there are 5 people infront of us for funding so it shouldn't be long for us either.
Yeah- you should be able to get funding fast!
ok! We found a HUD listed for $128,000. My realtor is going to call the USDA office tomorrow morning to see exactly how to write the bid and if we can bid over and roll it into the closing costs, since it is listed below market value.
We only have $2500 for closing costs, and since it is a HUD, we need that for cash repairs (there are holes in each wall of the house, small though- plus paint and flooring)
WE bid tomorrow and will know if we got it on Friday. I REALLY REALLY hope that since there are 5 other homes in that neighborhood that are NOT foreclosures, people would rather just buy those directly and will ignore this one.
The house itself is 100% perfect...and the yard is bigger than many we have seen (even if it is under 1/2 acre!)
AND we qualify for the subsidy, so even if we go up to $140,000 with all costs rolled in - our payment should stay around $780.
that house is out. Bidding was pulled 2 days early.
3 other homes we were interested in are under contract and ONE other one is "owner financed" because the owner is an investor that wants to get 9.9% interest.
I think we are going to put in an offer on that one anyway and just see what our options are there for that one. Can't hurt anyway.
One more just came on the market, but it is 10K over our budget AND it has a garage conversion that we would have to undo and get the garage back.