All Forum Posts by: Jacob Beemer

Hey everyone. So a year ago I bought a house using a 203k loan. It has not gone smoothly because of the house needing a lot more done to it than I initially thought. I am 6 months past the first scheduled completion date. That's due to the foundation needing to be fixed/replaced. I also am short on money which is hard to pay anyone to get it complete ( the borrowed money from the loan is gone). And unfortunately I have and so has the contractor have been dealing with personal matters the second half of the year which is why things have slowed down. I am worried that the lender is going to take the house away even though we are making progress on it. I have been talking to the loan specialist about everything and he said as long as we are making progress then I should be fine. I was just wondering if anyone has had a experience like this with a 203k loan where you were past the deadline. Did the lender step in and take over? I am starting to worry a little bit because I have everything invested in this house. Thank you and Happy Holidays! 

Anyone?

Bump?

Hey everyone. So a year ago I bought a house using a 203k loan. It has not gone smoothly because of the house needing a lot more done to it than I initially thought. I am 6 months past the first scheduled completion date. That's due to the foundation needing to be fixed/replaced. I also am short on money which is hard to pay anyone to get it complete ( the borrowed money from the loan is gone). And unfortunately I have and so has the contractor have been dealing with personal matters the second half of the year which is why things have slowed down. I am worried that the lender is going to take the house away even though we are making progress on it. I have been talking to the loan specialist about everything and he said as long as we are making progress then I should be fine. I was just wondering if anyone has had a experience like this with a 203k loan where you were past the deadline. Did the lender step in and take over? I am starting to worry a little bit because I have everything invested in this house. Thank you and Happy Holidays!  

Unfortunately I already borrowed some from Family. So they are out of the picture

Hi everyone! So right now I am flipping a house. My first time and boy is it stressful. But I’m trying to keep calm and think of the golden ticket at the end. So my situation is basically out of funds. I’m looking to borrow 5-10k but no bank will let me borrow from them since I have to much debt right now. Is there any other way of getting the funds I need so I can compete this house? Thanks!

Anyone else?

Good evening everyone, I am in the process of finding my first house, which I intend to flip and sell. I've been searching for about 2 months. There was one house that I really wanted but someone came in and offered cash before I put my offer in. I am qualified for a conventional loan and a FHA 203k loan. I found another house over the weekend for 34.5k. Very nice neighborhood in Cincinnati. The listing agent said they aren't accepting offers until this Friday and it's cash only. Well like a lot of newcomers I don't have that under my bed. I'm going to still throw in a offer with the 203k as my loan with the thinking that if my offer is higher than everyone else's the seller might take mine. Has this happened to anyone else? Is there any other options I could try? Thanks!

Hi everyone, so I will get straight to it. Looking at a house that is a Reverse Mortgage Foreclosure. The price that is being agreed upon is 42,750. I have been approved for a loan but now they are coming back saying they cannot finance it because of the condition of the home. Plus their is mold on the ceiling. This is at my local Credit Union in Cincinnati. I am putting 3k down, with 1k Earnest Money. What are some other options I could look into? This would be my first home by the way. Thanks! 

Thanks for your input. If they counter asking for me to pay closing then I'll think about doing that. Would splitting the closing cost still look weak?