Regular Contributor
mst2009
Posts: 173
Registered: ‎11-01-2010
Re: OMG!!!! I GOT MY FHA PRE-APPROVAL!!!!!

Wow where is the deal in that???  The house is on the market for 139K the selling reator says there is 50k in repairs!!!  It is REO and they are not working with anyone with conventional or FHA loans...they only want FHA 203k or cash...this is why the other two offers are just sitting there on the banks desk...the house is huge with 30 acres of land, I really bslieve that the price is marked pretty close to appraisal but with the work that needs to be done adding 50k to the mortgage is also going to raise the downpayment and also the monthly payment.  I have to raise an additional 4k before even getting pre approval with Wells Fargo....there are so many forclosures and short sales that need work!!!  Bank owned homes are hard to get because they don't want to spend the money to do the work...it is tough!!!!  I am keeping my options open and still looking....


Starting Score: TU 545 EQ 575 EX 581
Current Score: EQ 699 TU 670 EX 679
Goal Score: 750


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