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Problem at Closing |
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My boyfriend is trying to buy a house using FHA financing. Included in the loan is the cost of putting a foundation under it.. The loan has already been pre-approved. It's supposed to include 6% seller assist to cover down payments and closing costs. However, when he went to sign all the paperwork on the place, both the realtor and loan officer seemed doubtful that the actual loan would go through. One reason they gave was the fact that he had no money for the down payment. Another was the fact that it has no foundation but sits on blocks with a crawl space. Is it just me, or does this sound totally ridiculous? |
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Your friend must be using the program known as FHA #203k, which includes not only the money to purchase the property, but also funds for substantial renovation. I guess you'll just have to wait and see if the FHA approves the loan. Good luck. |
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Edith
Originally published on August 30, 2007 |
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