Posted on: 31st Mar, 2009 11:21 am
[size=18:44fc52d484][/size:44fc52d484][color=Blue:44fc52d484][/color:44fc52d484]We found the house of our dreams in the county that was foreclosed but being sold "AS-IS". The house has 3 broken pipes because the previous owners did not winterize it and some very minimal mold in the basement from a water leak from a downspout. Our loan is and FHA loan and the bank that owns the home wont let us in to fix anything so FHA is not going to work. We were then approved for a conventional loan and they then told us they can only cover 80 percent because the house is manufactured. Our closing date is in 11 days and we cant get a lender and the house is going to be put back on the market. We dont have the other 20 percent neded for the conventional ! What can we do? we are almost out of time
THANK YOU FOR THIS REPLY, I HAVE SENT YOU AN EMAIL.
ROBIN
ROBIN
Hi KIND,
If you cannot pay the 20% down payment, then you will have to go for a PMI (Private Mortgage Insurance). However, you can also check out the down payment assistance programs available in your state. This will help you in paying the down payment for the loan.
If you cannot pay the 20% down payment, then you will have to go for a PMI (Private Mortgage Insurance). However, you can also check out the down payment assistance programs available in your state. This will help you in paying the down payment for the loan.