All Forum Posts by: Bryan Paul

@Christopher Wedde . I received the HUD report back and it was clear. Strange too since the outlets weren't grounded.

@Christopher Wedde Appraisal / Inspection by the HUD inspector happened yesterday and I have not received the report back yet. I heard it went well but will let you know what happens. This house needed 2 new kitchens. The other stuff was cosmetic.

@Lin DingStill in this process. I put down 10% of the home price that will be held in escrow from contract signing to closing. I'm currently seeking an FHA loan for 3.5% down (doesn't include closing costs). The 10% sits in escrow and at the closing table I will give the seller my loan amount (96.5% of the agreed to housing price) and they take 3.5% from escrow and the rest of the money in escrow will be sent back to me. Not sure if you could assign rest of the escrow monies to anyone else for closing costs but I would take to your mortgage broker and attorney about that.

Thank you all for your responses! My banker was telling me to lock but I would only have 30 days to close from that date. I don't even have a signed contract yet so I think it might be too risky to lock at the moment. Hoping this is just a transient reaction to the election. 

Hi All,I am looking to pull an FHA loan and I've noticed the rates have jumped after the election. Can anyone provide any advice on whether they will keep rallying or this was just a knee jerk reaction that will soon fizzle out?

Thank you! @Michael N.@Patrick Moore

Thank you both for your responses! This is very helpful. In regards to my financing, There are 3 risks here: Not obtaining the loan due to various factors about our fanancial condition (very low risk here as we have great credit scores and our debt to income ratio is in the mid to low .30s.), appraiser finds something that requires repairs (low risk since I already got an inspection report that came back clean), and The appraiser values the house at a lower value (Wewould need to make up the difference with more money down). I think we are in a position to handle all three of those risks and manage them appropriately. Thank you again!

Hi All,

My wife and I are looking to buy a house in Long Beach, NY and we are first time home buyers. Our plan is to buy a 2 family house and use the house hacking method to get started as RE investors. Currently we have an accepted offer but still have not signed the contract yet (Hopefully this weekend). Once of the contigencies in the contract is to put down 10% (5% at signing and 5% down). We would like to pursue a loan between 3.5% - 5% down using an FHA loan. The only risk i see in going this route is if the bank inspector / appraiser does not want to provide lending due to dis-repair of the house. The inspection report came back with all systems in working condition but I was wondering if there was anything specific that FHA (HUD) inspectors look for. Any help with this would be appreciated.

Also I wanted to know if it was common to agree to 10% down in a contract and then later provide a commitment for a loan that shows only 3.5% - 5% down. Thank you in advance for anyone who can provide advice!

Best regards,
Bryan

Hi All, 

My wife and I are looking to buy a house in Long Beach, NY and we are first time home buyers. Our plan is to buy a 2 family house and use the house hacking method to get started as RE investors. Currently we have an accepted offer but still have not signed the contract yet (Hopefully this weekend). Once of the contigencies in the contract is to put down 10% (5% at signing and 5% down). We would like to pursue a loan between 3.5% - 5% down using an FHA loan. The only risk i see in going this route is if the bank inspector / appraiser does not want to provide lending due to dis-repair of the house. The inspection report came back with all systems in working condition but I was wondering if there was anything specific that FHA (HUD) inspectors look for. Any help with this would be appreciated.

Also I wanted to know if it was common to agree to 10% down in a contract and then later provide a commitment for a loan that shows only 3.5% - 5% down. Thank you in advance for anyone who can provide advice!

Best regards,
Bryan