All Forum Posts by: Drew Farnese

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I called and questioned my mortgage specialist on this matter, and he immediately got defensive and told me he doesn't want to "debate" about it and threatened that I'm going to delay my settlement if I don't just dish out the money.

I told him I wanted some documentation on the consulting process - which he IS saying is a homepath guideline. He sent me an email (which apparently I'm not legally aloud to copy and show you guys) that pretty much was from Diane (???) Saying I need to pay a 600 consulting fee to an "independent HUD consultant".

Should I try to throw it at him that it wasn't included in the GFE?

Thanks guys!

Thanks for the responses guys! I'm gonna dig deeper, I'll post when I get somewhere with this.

Hey guys, forgive me because I didn’t search too much in advance. I’m at work and browsed as much as I could on my lunch break but to no avail…

I’m buying a Fannie Mae Homepath house and getting the Homepath renovation mortgage. This will be my primary residence so I’m purchasing with 5% down. The renovation loan is for 23K. I am now only 16 days from settlement and my mortgage guy calls saying I now need a Renovation Specialist Consultant to come out and - consult- for a 600$ fee.

I understand why this step may be required, but after talking to the guy and understanding the service provided, 600$ sounds extremely high.

My questions.

1. Is this service required on all renovation loans over a certain dollar amount?

2. Shouldn't my mortgage specialist have told me about this LONG ago?

3. Is $600 a fair price for this service?

Thanks in advance guys!

-Drew

http://delcopropertyinvestors.com/about-dp/

There's a bunch. Delco property investors, the local REIA, meets every second Tuesday of the month in Essington. I myself am from Prospect Park. If you have a potential deal that you want advice on you should post all the details on here. The BP community is awesome and very helpful!

-Drew

The statistics may not be factual, nonethfeless the point is understood!

Great post!

@Robert Leonard Sorry! Thought you were accusing me of something I hadn't even intended on doing. Anyway thanks for your responses.

Thanks everyone, kinda what I figured.

@Robert Leonard how the hell could anything be considered fraud when i never stated or implied my intentions?

My goal was NOT to buy it and rent it right away. Goal was to fix it over a period of a year and then rent it when it was acceptable and allowed.

Think about this - if every question was met with resistance and arrogance, people would soon stop asking questions. If no one asked any questions think of how intelligent humanity would be.

If you can't answer without being a smart ***, don't answer.

Hey guys!

I have a plan to buy my first property as a live in and fix then rent it a few years later when I can afford more house.

I am going to buy property number 1 with FHA 3.5% down. While living in it and fixing, I was thinking we can buy another place in my girlfriends name. Same deal, FHA 3.5% down, possibly 203k renovation loan for repairs.

The question - I know FHA specifies that the buyer must "live" in the property for a year...how loosely do they hold the term "living in"? Trying to form a plan, so knowing what we can and can't do is important!