FHA Question... - Posted by Vic

Posted by Vic on March 23, 2001 at 14:54:02:


Yes that’s what I did. I added closing costs & Nehemiah to sales price & that’s why I’m having trouble getting it to appraise.

You’d better be careful on your deal because FHA appraisals are really starting to get tough. The appraiser I’m using told me yesterday that they appraised a house for 110K only to have the lender come back & say the house was only worth 95K. Needless to say it killed their deal.

So make sure you can get it to appraise. You may want to have the lender call the appraiser & get a verbal on it.

The way I presented it to my buyers when I told em about it today is I said - I think I can get the appraisal to cover the sales price & the closing costs, but I don’t know if I can get it to cover the down pmt., so can you come up with an extra $X, which in turn will lower your monthly pmt. $X. They said they probably could, but may have to push sale back to do it. We’ll see.

Best of Luck,

FHA Question… - Posted by Vic

Posted by Vic on March 23, 2001 at 01:23:22:

Does anyone know if you can carry back a small second mtg. when selling a property FHA?

I have a house that’s under contract to sell for 100K, however the appraisal will probably come in at 96K (best I could do & happy to get it too), so I’m wondering if I can carry back a 4K second, if I set it up so that the buyer will not have to make any pmts. for the first 12 or 18 mos. or whatever the time limit may be.

I seem to recall that on an FHA loan if there are no pmts. due by the buyer for 12 mos., then you’re OK for a second. Anyone know if this is true or not?



P.S. - Posted by Vic

Posted by Vic on March 23, 2001 at 01:47:17:

The reason I can’t get it to appraise is cuz I’m paying $4k in buyer’s closing costs plus another 4K to Nehemiah for down pmt. assistance.


Re: P.S. - Posted by Sherry W

Posted by Sherry W on March 23, 2001 at 07:50:42:

Hi Vic,

I’m selling one of my homes with the Nehemiah program.
I am also paying for the buyers closing cost and 4% to the program.
I was able to raise my purchase price to cover for most of the expenses. Maybe you could do this?

But, only if you think it will appraise at the raised selling price. Sorry, don’t know if you can carry a 2nd mortg.
But the real experts on this board do know. Because they are the ones that helped me construct my deal with the Nehemiah program involved with selling my house.

Sorry I could not help more.
Sherry W