Posted by Mike on September 14, 2003 at 09:43:17:
The deal was in Chicago, IL. Waterfield mortgage co. handled the deal. If you need contact info. let me know.
First FHA sale since new ruling - Posted by Mike
Posted by Mike on September 12, 2003 at 09:23:24:
Hi.
Just thought I’d share my experience with FHA since the new ruling. This was a rehab I bought on May 14, 2003. Purchase price was 75k. I just closed the deal 2 days ago with a sale price of $136,900. The only snag that I ran into was that the contract date needed to be no less than 90 days after my initial purchase date. I originally signed with the buyer around 8/7/03, but the mortgage broker said to just wait the extra week until 8/14/03 to give it the full 3 months.
I pleasantly surprised to find that the lender didn’t require a second appraisal or contractor receipts. Also, my buyer did not have the best of credit.
Overall, I think this FHA ruling will have little impact on legit rehabbers. Undoubtedly, I’m sure some lenders will scrutinize more than others. But, I am pleased with the way this deal was handled.
Just thought I’d share my experience.
Re: First FHA sale since new ruling - Posted by roger
Posted by roger on September 12, 2003 at 22:12:16:
who handled your deal please and what city and state