UPDATE: The Gloves R OFF!
Okay ladies... this is it! Round 3 for this home.
- Homepath Loan - didn't go through due to new credit (loan) recently made by co-borrower
- FHA - slam dunk approved but considering our liquid funds we decided to go with...
- 203k FHA -
Which is a grrreat program for foreclosed homes especially first timers.
A little about this program:
they allow up to 35k in rehabilitationS for a home such as:
- repair/replace roof/gutter/downspout
- repair/replace Heating and AC
- repair/replace flooring
- minor remodeling
- replace windows/doors
- basement refinishing
- pool repair
- and more....
PERFECT for us since Ramon and I were going to pay out of pocket for a few of the above mentioned items.
The catch is... the repairs get tacked onto our monthly mortgage. But on the upside, we get to pick the contractor which means if you have a family member who is a licensed contractor, the bid wont be as high as the usual contractor.
Here is on my to do list:
- Get an inspection
- Get a licensed contractor to give a bid on work that needs to be done
- Get an appraisal
Okay ladies, the gloves are off... going in FULL THROTTLE
It looks like #3 is my lucky number. Hopefully I'll luck out with this last loan
My history with the number 3:
- This was our 3rd home offer
- It took us 3 different offers on this house before it got accepted
- Moving forward with our 3rd loan for this home
- and get this... our address is 3331 XXXXXXX XXXX