“Why Do a 203K When the Home Needs NO Repairs?”

“Why Do a 203K When the Home Needs NO Repairs?”

 

 

You just can’t make this up! I gave my clients a pre-qualification letter for an FHA loan. It was for a property that was being sold in “as is” condition, therefore the bank holding title wouldn’t accept a regular FHA prequalification. They would only accept an FHA 203K or conventional prequalification.  

 

The selling agent didn’t know what to do as unfortunately the clients didn’t qualify for a Conventional loan because of their debt ratio. This makes no sense to me to do a 203K loan when there are no repairs needed.

 

 It is very frustrating to be put in a position to come up with at least $5,000 worth of repairs and appliances, but that is what we need to do to get past the issue. How crazy this business can be.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 29 commentsJoe Petrowsky • March 29 2016 11:11AM
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