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05-27-2009, 05:48 PM #1
Renter
- Join Date
- May 2009
- Posts
- 2
FHA won't finance its own sale -Help!
About 2 months ago we won the bid on a HUD townhouse. HUD has advertised that the townhouse can be financed by FHA, and only with $100.00 downpayment. Right now we cannot get a loan for the townhouse because they have classified this townhouse as a condominium, they had said that it does not pass their guidelines, even though it did before. I am the buyer, and working with a loan officer, he has told me that their advertisement doesn't really mean a whole lot, and they can change their conditions any time and in any way. Is this a dead end, or is it still possible to get an FHA loan on it? We live in the Twin Cities, Minnesota. Thank you!
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05-27-2009, 08:18 PM #2
Renter
- Join Date
- May 2009
- Posts
- 2
I just found out that my loan officer had talked with the manager of the FHA, basically they do not care at all about it. We even asked them about backing out of it, and they said "it doesn't matter to us, go ahead". Government workers, what do you expect, with the demand, they think their jobs are secured, so they are not serious about it at all. I don't see how their actions help the economy. Talking about millions of jobs being "created or SAVED", well, here is a good example of how they'll save their jobs, they'll mess with this house for a bit more time, and will have stuff to do later.
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05-30-2009, 07:34 PM #3
Fixer Upper
- Join Date
- May 2009
- Location
- Boonsboro, MD
- Posts
- 42
HUD advertised you can get a FHA loan w/ only $100 downpayment? I'd like to see that ad. I'm sure the lender you spoke with didn't tell you that.
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