Posted on: 19th May, 2009 11:53 am
We are having a hard time finding a lender that will write a note on a 2001 manufactured HUD home in Texas. This manufactured home is on 5 acres of land and HUD has classified this as a 203K uninsured home. Do you have any suggestions? I have already called 1-800-927-2891 listed above but I have not yet received a return call. Any info will be greatly appreciated.
Hi loanseeker,
'Uninsured' homes are those that are in need of at least $5000 in estimated repairs. These types of homes can qualify for the 203k rehabilitaion loans, provided the purchaser and the lender set up a repair escrow at closing and repairs are completed within 90 days of closing.
'Uninsured' homes are those that are in need of at least $5000 in estimated repairs. These types of homes can qualify for the 203k rehabilitaion loans, provided the purchaser and the lender set up a repair escrow at closing and repairs are completed within 90 days of closing.
Good answer. You can also contact a local 203k consultant and they may be able to direct you to a lender close to you... where R U? If you need assistance if getting this question addressed timely just email me and I'll see what I can find for you. We have completed thousands of 203k's since 1994 and would be happy to assist you in locating a team member close to you. M