All Forum Posts by: Ashley Huff

@Trenton Miller

Okay, now that is what I'm worried about. See my reply to Bruce below, please. I'm not at all worried about the structural or mechanical systems of a home because I'm also avoiding that. However, the sheetrock/flooring missing or needing work done doesn't scare me to replace. I can do that no problem. But will it scare away the VA? That's my big issue.

I guess I could test the waters more as my partner and I go to look at properties. Just wanted to set my expectations further.

@Bruce Lynn

Oh no, for our first rehab, we are especially steering AWAY from any major rehab. We want a home that needs some TLC. We did receive some inspection guidelines from our loan officer and they basically said to have the necessities like water, heating, electrical, AC, no lead-based paint and no broken windows. So I just wanted to make sure there was nobody out there that got a potential property denied because of unforeseen guidelines that weren't outlined in writing. 

My main concern is sheetrock. Since our area was affected by Harvey, is it possible to purchase a home that's missing the bottom half of its sheetrock all around the house?

Hey all!

Possibly going to buy our first live-in flip through the VA. We are fully aware we must live on the property for at least 12 months before selling. Anyways, my question is:

How distressed of a property has everyone bought through the VA? Just trying to get a good idea of what to expect from the appraisers/inspectors.

@Dave K. Hello Dave, we are actually taking a different route now and going with a hard money lender. For the amount and how we can acquire assets is a better bet than a 203k. There are other appealing factors of the HML as well, but its definitely easier and more short-term for us to use an HML. Thank you for the kind gesture.

Update on our current situation: Now using a hard money lender because they allow us to use lines of credit and personal loans to show proof of our funds (reserves). We will only use a partial amount of our personal loan to cover closing costs/fees. All borrowed will be returned ASAP and we will make monthly payments on HML interest with our own income. If anyone is in the same boat as Tyler and I (sorting out the hard money loan process + finding the perfect deal to jump on), please keep in touch with us! We want to hear your experience and be each others' support and motivation. :)

Thanks!

@Jordan Johnson 

We got pre-approved with Academy Mortgage, Sally Redmon. Her and the team have been incredibly helpful so far. They're in the Woodlands, but Academy Mortgage has other branches/teams in the Houston area. But I think Sally's team is one of the only teams that specialize in 203k's.

Our main problem right now is finding the assets/reserve funds to show to our lender to get a loan. We make money, but we don't have 17k in our checkings/savings to buy a house. You can be gifted money if you're lucky enough to use as down payment. You cannot use personal loans to fund closing or down payment costs. Just a little lesson I learned over the week. 

Encountered your post with some searching through the website. I'm currently in this position. I live in Texas if that needs to be stated at all. My lender is telling me that consultant will be assigned to the loan so its not necessary to hire my own consultant. She will provide contact information for the consultant, but all of my questions should be relayed to her and she will take care of everything. 

I guess my question is - do I need to hire my own consultant even though one will already be provided through my lender? 

I know this is an older post, but I'm hoping someone will offer me some lessons from experience. 

Thanks.

@Tyler Shaulis FYI

@Wayne Brooks I've asked the Loan Officer Assistant for a list of approved GCs, but she said they don't have a list. Its whoever we want to use, and warned me of using someone who has previously worked on 203k homes. 

Thank you for the estimate. We should definitely be covered in that case. Didn't want it to be whopping, unforeseen fees or miscellaneous costs.  

So far we have our LO and the application completed. We are seeking an inspector, GC and 203k consultant. 

@Adam Drummond, Thank you! Fortunately, our loan officer specializes in 203k loans. Her team is actually sought out for 203k loans and trusted. They have been very helpful so far with getting started. This post is intended for us to feel surrounded and connected with others who are or have been in the same boat. Maybe there are those who have a "I wish I did this, instead of this" kind of lessons to bestow on us LOL

Also, I've learned that GC's in Texas do not need a state-level license. I will however be very sure to get a bonded and insured GC who also has experience in doing 203k homes. I'll try my best to find someone. Hopefully there's one available to us, otherwise it'd throw our moving out plans out the window. 

Thanks! I appreciate the well wishes!

First off, I wasn't exactly sure where to post. I felt this category was the best option since it will be people from my area who have already been through FHA 203k loan processes. Anyways...

We have finally decided to go with an FHA 203k loan to buy and renovate after strenuous eliminations of other loan options. I know there must be folks on BP who have gone through the FHA process (hopefully recently) which is why I'm reaching out to the community. I'm looking for recommendations, suggestions, advice, etc. in this area. We have our loan officer that we will be working with, and will be going through the pre-qualifying application process this week. We also have narrowed our property leads down to a handful that we would like to look at (most of them foreclosures or flooded because of Harvey), so we are going to schedule tours as soon as we can. We need to first know our steps to getting our (3) bids on the property we want to purchase.

Several questions:

1) How does the bidding process work? 

2) Any recommendations for contractors in the Southeast Houston area who have experience in working with 203k loans?

3) Do we pay out of pocket for a 203k Consultant?

4) Do we pay out of pocket for appraisals and inspections?

5) Are there any other out of pocket expenses besides down payment?

6) Should we have the GC, Consultant, LO and/or inspector with us when we walk-through potential properties?

Any and all information is welcome. Thank you BP community.