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Started By
Message
10% down on a double
Posted on 7/28/14 at 9:46 am
Posted on 7/28/14 at 9:46 am
Anybody know a bank where I can get a mortgage that will allow 10% down on a double? We put in an offer on a house with FHA financing, but they countered with us getting conventional financing. We have the 10% down, but all banks are telling us we need 20%.
1
Posted on 7/28/14 at 10:26 am to The Hamburglar
quote:
We put in an offer on a house with FHA financing, but they countered with us getting conventional financing. We have the 10% down, but all banks are telling us we need 20%.
Confused here... the seller countered telling you to get conventional? Why would the seller care what sort of financing you got, as long as you were pre-approved FHA?
Are you going to live in one half of it?
Posted on 7/28/14 at 11:02 am to LSUFanHouston
Takeout two loans. One for 80% and one for 20%.
Posted on 7/28/14 at 11:27 am to LSUFanHouston
seller worried the house wouldn't pass FHA inspection....it's listed in "very good" condition, but certainly needs some help.
Posted on 7/28/14 at 8:49 pm to The Hamburglar
That should be a clue to walk away.
Posted on 7/28/14 at 9:09 pm to lsufan1971
You realize small things like peeling paint can derail a HUD loan?
OP, try looking at a conventional loan with 10% down and pay Pmi up front. Go talk to a smaller local bank or independent mortgage broker.
OP, try looking at a conventional loan with 10% down and pay Pmi up front. Go talk to a smaller local bank or independent mortgage broker.
Posted on 7/29/14 at 8:09 am to eng08
Agreed.
I sold my last house to a buyer with VA loan and 100% financing. Ended up being a terrible experience as my home didn't meet the agreed-upon sales price during VA inspection, so I had to eat half the difference (luckily the buyers wanted to close as much as we did or it could have been worse). In addition, the closing got pushed back twice due to the VA and their lender not having their shite together, which delayed me from purchasing my new home as it was contingent upon closing on the one I was selling.
I'll never sell to a buyer with a VA loan ever again. If FHA is anything similar in their appraisal/closing process, I would counter with the same thing as these sellers and force my buyer to get a conventional loan or walk away and wait on a new buyer.
I sold my last house to a buyer with VA loan and 100% financing. Ended up being a terrible experience as my home didn't meet the agreed-upon sales price during VA inspection, so I had to eat half the difference (luckily the buyers wanted to close as much as we did or it could have been worse). In addition, the closing got pushed back twice due to the VA and their lender not having their shite together, which delayed me from purchasing my new home as it was contingent upon closing on the one I was selling.
I'll never sell to a buyer with a VA loan ever again. If FHA is anything similar in their appraisal/closing process, I would counter with the same thing as these sellers and force my buyer to get a conventional loan or walk away and wait on a new buyer.
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