All Forum Posts by: Filkins Susan

The bank we are dealing with do all of their own loans. It is called Tompkins Trust Company.

It is a "profile loan" we were told today, and I guess they do make up their own rules for them as they go along.

Thanks Scott!

It was my error on the 201 vs. 203. I knew what it was, I just typed it wrong. Also, the 203 has strict requirements on WHO can do the rehab work, and we dont want to deal with those requirements.

The loan is not a Sallie Mae, SUNY mae, or Freedi Mac, or any of that stuff. Sorry if my spellings are not correct, but I'm sure you know what I am referring to.

Yes, our FICO scores are all high 700s. They just required us to show that we had 5% down, and closing costs in the bank regardless of how long its been there.

The appraisal came through at over 68k after repairs.

As I stated in the OP this is a "rehab loan" (as they call it), and it is a conventional loan. It supposedly requires 5% down, and only allows 3% seller concessions.

The only repairs we are doing is a major complete bathroom remodel, new sheet rock, window and door in the kitchen, new heating system, and 3k in repairs done to the electric.

Loan amount is 56K; 41k purchase, 18k repairs, minus everything she says we have to have down/at closing.

Rate is adjustable every three years, but we plan to refinance before it adjusts. The interest rate is 5.87%. The loan is for both purchase and repairs combined.

I am not interested in the FHA 201k, as this place will not pass an FHA inspection, and I am not interested in them telling me I have to remove questionable paint, add stair railings, replace shaker siding shingles, blah blah blah.

If we repaired everything that FHA would want repaired we'd need another 20 grand.

Again, is there any "place" where we can see for ourselves what the guidelines and limits of this particular loan are?

Thanks!

Yes, for my primary residence.

Example:

"Can we finance some of the closing costs?"

..."Not on a rehab loan".

"Can we get the seller to pay any of the costs?"

...."Not on a rehab loan"

"I see you offer a no closing costs/no down loan?"

..."not on a rehab loan".

It seems to be this lady's standard answer.

Our loan is for 56k for the house plus repairs, and the appraisal came in (repairs considered) for 70k.

How can we confirm what is and isn't available on this rehab loan so that we dont have to feel like she is feeding us some generic "nope (cuz I'm too lazy to check)? Is it a bank rule? Is it an FDIC thing? Is there any way for us to verify this stuff?

Thanks!

I hope this is a quick question, and I can get an easy answer.

I am buying my first home, and am waiting for a closing date. Our mortgage lady is aggravating me to no end. We have applied for a conventional rehab loan. When we ask if various things can be done, her standard answer is "not with a rehab loan".

Is there some standards or rules set for these loans by the FDIC, or are these just "rules" made up by the bank we are dealing with?

Any help would be much appreciated! Thanks!!

SUsan

Ben, we do plan on investing in the near future for profits. We are actually waiting to snag the original house that we tried to buy, that the owner wouldn't budge on.

We expect it to be in foreclosure next fall *snicker*

I'll respond to your mail now.

John, sorry if I was out of line by posting here as a NON investor.

I am 40 years old, and spent most of my life being a single mother of 5 children and struggled my way through college graduating at age 35 with honors.

3 of my 5 children have left the nest in the last 2 years, and I'm down to two at home; 9 and 13 years old. I've been with this man for over 3 years, who is 10 years older than I am.

My dream has always been to own my own home so that I can stop moving my children around every year, 2 years, etc. This dream is finally about to be realized, and I will do whatever it takes to make it happen, and make it a nice home for me and my kids. And my BF too, if he choses to stay.

Thanks again for the advice.

And for those asking me via private message about the FHA 203 program, I've decided this is not going to work for us. We can't throw away over $500 on an application fee, and a wing and a prayer that FHA inspectors wont come through and tack thousands of dollars on our budget to remove this paint, replace that shingle, and patch this hole. It wont work out.

Thanks again.

The yard is very deep, with the most amazing landscaping and trees I've ever seen. It is on over an acre. It includes two barns, and other out buildings.

The attic space off of the hall next to the bedrooms is about 25 foot by 14 foot. There is also a "barn" like structure attached to the back of the home that has 20 foot ceilings that will be a master bedroom suite some day.

This house has been vacant for some time. The last year it was lived in, it was assessed at 68K just the way it sits today, and that was several years ago.

Also, I don't know why "wanting the place" is a bad sign.

The lender we have been working with has already said the deal will work out. The money they want down is a bit more than we have right now though.

I also talked to the appraiser already, as she is my boy friends neighbor. She said as long as we stay below 100k, there most likely will be no issues.

Worst case scenario, the appraiser will find bigger problems, and the loan will not be granted. Then we are either out of the contract, or the seller lowers the price. I doubt that the appraisal will be an issue though.