Posted on: 14th Oct, 2008 08:20 pm
I applied for this loan and brought in the following day several estimates for work (to be) done. This after the LO said a Streamline K was easy to incorporate into the FHA loan process.
I satisfied a few subsequent conditions, and was told I was approved and all conditions cleared. I asked about the Streamline K items and the LO said it was still in underwriting.
The amount is only around 15K and this second underwriting could end up delaying the closing. These are not unusual items (floor coverings, upgrade of electrical panel, adding second zone AC.
From what I read, it is submitted as a package, and should not take 3 weeks to get an answer. If any DE's out there can chime in here, I would greatly appreciate it.
Roland
I satisfied a few subsequent conditions, and was told I was approved and all conditions cleared. I asked about the Streamline K items and the LO said it was still in underwriting.
The amount is only around 15K and this second underwriting could end up delaying the closing. These are not unusual items (floor coverings, upgrade of electrical panel, adding second zone AC.
From what I read, it is submitted as a package, and should not take 3 weeks to get an answer. If any DE's out there can chime in here, I would greatly appreciate it.
Roland
Hi any!
Welcome to the forums!
Yes, the items that you have mentioned fall the Streamline K category. Generally the closing for a streamline loan can take place within 45 days. You can speak to the lender if he can do the things quickly.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
Yes, the items that you have mentioned fall the Streamline K category. Generally the closing for a streamline loan can take place within 45 days. You can speak to the lender if he can do the things quickly.
Feel free to ask if you have further queries.
Sussane
Thank you for your quick reply.
Let me be more specific. The LO said I was approved on the main loan, but awaiting approval on the Streamline K items. I have a loan committment with only the boilerplate conditions in the amount of
the main loan alone.
My question is specifically:
Does the Streamline K portion of the loan need to be underwritten seperately, or perhaps did the LO err in not submitting the 203K items in a timely manner.
I feel that after receiving (manually underwritten by the way) approval almost 3 weeks ago, how could $15K in upgrades delay a loan for this long?
Thanks
Roland
Let me be more specific. The LO said I was approved on the main loan, but awaiting approval on the Streamline K items. I have a loan committment with only the boilerplate conditions in the amount of
the main loan alone.
My question is specifically:
Does the Streamline K portion of the loan need to be underwritten seperately, or perhaps did the LO err in not submitting the 203K items in a timely manner.
I feel that after receiving (manually underwritten by the way) approval almost 3 weeks ago, how could $15K in upgrades delay a loan for this long?
Thanks
Roland
Hi any!
Welcome back to the forums!
Generally the loan should be underwritten at the same time and not separately but again it may vary from lender to lender. There can be certain documentations for which its delaying. You may ask the lender the cause of the delay as well. As a borrower you have the right to ask that and see what he tells you.
Feel free to ask if you have further queries.
Sussane
Welcome back to the forums!
Generally the loan should be underwritten at the same time and not separately but again it may vary from lender to lender. There can be certain documentations for which its delaying. You may ask the lender the cause of the delay as well. As a borrower you have the right to ask that and see what he tells you.
Feel free to ask if you have further queries.
Sussane
If I buy my hud home in cash with no loan and bad credit, in a revitalization area, will i qualify for the streamline loan?
mona, you might qualify, but "bad" credit isn't a particularly good calling card.
I live in Chicago and I just found out about the FHA Streamline Loan. I was told by the finance co that we started working with that you cannot borrow more than what the house is worth and later found out that I was lied to. It seems that the company does not offer these options. What finance companies offer this service? Thanks for your help!
email "just.jessica@yahoo.com" with answers too
[Email address deactivated as per forum rules]
email "just.jessica@yahoo.com" with answers too
[Email address deactivated as per forum rules]
Hi Jessica,
The FHA 203k streamline loans do give you the opportunity to borrow more than what the house is worth. It is a very good option for homeowners looking to purchase homes that need some repair. It eliminates the need for two separate loans to make the purchase of the home and carry out the renovations. The repair work needs to cost a minimum of $5k and the maximum limit can go up to $35k.
There are many FHA-approved lenders who offer this type of loans. There are lenders in this community who can help you with the loan. You may go for a no obligation free mortgage quote with the community lenders. They will assess your financial situation, credit score and other factors. If you qualify for the loan, they will offer you free mortgage quotes. If the quotes are good enough, you can go for the loan with them. You can also look for other lenders and see if they can offer you an FHA 203k streamline loan and what mortgage quotes they have to offer.
Thanks,
Jerry
The FHA 203k streamline loans do give you the opportunity to borrow more than what the house is worth. It is a very good option for homeowners looking to purchase homes that need some repair. It eliminates the need for two separate loans to make the purchase of the home and carry out the renovations. The repair work needs to cost a minimum of $5k and the maximum limit can go up to $35k.
There are many FHA-approved lenders who offer this type of loans. There are lenders in this community who can help you with the loan. You may go for a no obligation free mortgage quote with the community lenders. They will assess your financial situation, credit score and other factors. If you qualify for the loan, they will offer you free mortgage quotes. If the quotes are good enough, you can go for the loan with them. You can also look for other lenders and see if they can offer you an FHA 203k streamline loan and what mortgage quotes they have to offer.
Thanks,
Jerry
Jessica you can borrow off of what the house "will be worth" using the 203K option. They do an appraisal subject to the repairs to be done. I would do a search of local independent bankers there that specialize in FHA loans to help you get this done.
