Well, just like most everyone here, I came to this site a year or so ago, with the intent of cleaning up my credit. I think it has worked enough to get me pre approved for a mortgage. I have been looking at houses near me on my own, as I didnt yet have a pre approval letter, and most agents wont spend time with you unless you have one. I didn't try to get approved yet either as I just payed everything off and I am waiting for my reports to settle down and report the 0 balalnces. Well, yesterday I found an REO split level 3 bed 2 bath at the end of a dead end street. Walked the property, talked to the neighbors for an hour and got the background on the house. In "normal" condition it would sell for $150k. It is listed at 71k. The bank cleaned it and as such it needs all carpeting, some dry wall needs replaced new gutters, and a good cleaning. It suspected that the plumbing and other major systems are in good shape, but this willbe checked during inspection.
Does a USDA garanteed mortgage allow for funds to be used for carpet, repairs etc? I saw it will fund upto 102.5% of apprasied value, is the apprased value the vale of the house as it is or as it would be after repairs? One LO I talked to last night said he should be able to get me pre approved and said he needed to talk to under writing to be sure, as I had to explain a few things, like an old state tax lein that has been payed in full but not yet reporting as such. I also put in an app with a couple different mortgage brokers from different companies. Was this a good idea as far as trying to find a lender who will be able to fund me? I hoping to get an offer in on the house in a few days...
BK7 Filed 6/4/18
341 7/13/18
SCORES
7/19/18 Pre Discharge TU 8 572 EX 8 566
