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     | Monday, April 02, 2001 - 05:40 pm  We had planned to buy a home through FHA, but we may have found a house but it will not meet Fha approval. I am curious what other avenues we can take? I have heard about Freddie Mac and Fannie Mae, but do they also have home condition requirements?? My credit is fine, but husband's is fair, just not with Equifax, you can see the thread regarding Inovision and Equifax. We were going to also use gift money, is this allowed on any other programs besides FHA??
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| | Tuesday, April 03, 2001 - 12:36 pm Okay I have been consulting with a few lenders to see what my options are. One particular lender indicated that I could use my husband's income but that he wouldn't have to be on the loan therefore his credit wouldn't be looked at, he can be added to the title afterwards. I am a little skeptical about this and am curious if anyone has heard of this??
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| | Tuesday, April 03, 2001 - 03:53 pm Ann, I've never heard of such a thing. Ask to get that in writing. Call your County/City housing departments for any programs including participation in and funds for the MCC program.
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| | Tuesday, April 03, 2001 - 06:18 pm Wrong. Use his income, must use his credit. Other programs such as FNMA community homebuyer will allow gifts as well as Freddie affordable gold. Big question: Why do you thing the house wont pass? Many people make way to many issues over this. I haven't had a house not pass all last year. Many times this is a subprime lender or broekr who does not have access to these programs that tries to scare the buyer out of these programs. Had one today where a subprime lender in Chicago told a borrower that there was no way hsi credit or house woudl be approved FHA or any other program except their. OF course theirs was a 11%+_ fixed with a FAT prepay and 4 points. Literely fell out of my chair. Oh yeh and their appriaser could get it appraised $20,000 more than his realtor thought it was worth. Even the customer thought this was out of line. Besides Ann, now i'm hurt. I thought we had something special going? Cavet Emptor(I don't think i spelled that right)
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| | Tuesday, April 03, 2001 - 06:24 pm Hey Don, I haven't forgotten you. This house is very old and is selling as is, it does not have a septic system for one and we have to find about perking the land PRIOR to even making an offer. The reason I was thinking about not being able to go FHA is b/c I called a few realtors about properties in our price range and 4 out of 5 I was told they wouldn't meet FHA approval, this house needs a little more work than that so I assumed it wouldn't pass?? Right now we are waiting to hear about this property it is a land 13 acres/home package and my Mother in law wants to buy it and then sell us the house.
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| | Tuesday, April 03, 2001 - 07:47 pm So, we're talking about your mother-in-law getting the FHA loan? I'm missing something there, because you're doubling your closing costs and I'm sure there is a reason. What's your plan? And watch what you're getting into. Sometimes it's cheaper to tear it down and build a new one.
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| | Wednesday, April 04, 2001 - 03:46 am Well not exactly. They have perfect credit ,of course, so any loan is possible for them. The house/land are being sold together, we want the house they want the land. So we are going to wait to see what happens with the house.
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| | Wednesday, April 04, 2001 - 03:48 am Why not explore my other favorite program, FHA 203-k loan. If the house needs work and or does not qualify up to FHA standards then why not get one loan to do the purcahse and repairs? See this link for more info: http://www.hud.gov/fha/sfh/203k/203kabou.html
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| | Wednesday, April 04, 2001 - 02:10 pm Thanks for the link. I think we would have trouble though b/c our income isn't very high and I would think the house and repairs would be too much for us to qualify for??
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| | Wednesday, April 04, 2001 - 07:47 pm Ann, you can't just buy the house without the land. And, if you can't qualify for the repairs, how are you going to pay for them? Rule #1 when it comes to "fixers" is that it ALWAYS costs more than budgeted. If your inlaws have perfect credit have THEM buy everything and then sell you the house with an acre and they carry the financing for you, at least until you AND the property qualify for new financing.
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