Posted on: 10th May, 2010 02:19 pm
I am trying to close on a house located in brooklyn park, mn. My lender is telling me that for an FHA loan that i have to get all the hazardous conditions taken care of prior to closing. Now my realtor told me that all I have to do is put money in a escrow account and I have 60 days after closing to fix the house then live in it. Now which one is it. Does any one know?????????? PLEAS HELP
It's too bad your realtor isn't dealing with reality. On a purchase of a home, a property must be in move-in condition in order for lenders to close your loan. The only time you'll find that conditions can be worked on later is if you're taking a rehabilitation loan.
Lenders aren't willing to proffer any funds for a house that is not habitable at the time of closing...all realtors ought to be cognizant of this. It's an industry standard.
Lenders aren't willing to proffer any funds for a house that is not habitable at the time of closing...all realtors ought to be cognizant of this. It's an industry standard.