Comments on: Did You Know that there are 3 Categories of Columbus HUD Homes? http://www.columbusohiohudhomes.com/hud-how-to/did-you-know-that-there-are-3-categories-of-columbus-hud-homes Columbus HUD Homes, Bank REO's and Shortsales for Sale in Central Ohio Mon, 23 Jan 2012 17:57:25 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Susanne Novak http://www.columbusohiohudhomes.com/hud-how-to/did-you-know-that-there-are-3-categories-of-columbus-hud-homes/comment-page-1#comment-34 Susanne Novak Sun, 04 Jul 2010 15:31:28 +0000 http://www.columbusohiohudhomes.com/uncategorized/did-you-know-that-there-are-3-categories-of-columbus-hud-homes#comment-34 Hi Kathy, the agent your daughter is working with can hopefully spot potential "red flags" that would make a loan approval less likely. You mention they are putting in a bid - is it a HUD home? If so, then the process is ususally very smooth as long as your lender is familiar with lending on HUD owned properties and has a procedure in place on how to deal with some utilities not being on. So, check with your lender first and make sure they are ok with loaning on a foreclosure property. If needed, I can provide you with a list of lenders who are. Good luck! Hi Kathy, the agent your daughter is working with can hopefully spot potential “red flags” that would make a loan approval less likely. You mention they are putting in a bid – is it a HUD home? If so, then the process is ususally very smooth as long as your lender is familiar with lending on HUD owned properties and has a procedure in place on how to deal with some utilities not being on. So, check with your lender first and make sure they are ok with loaning on a foreclosure property. If needed, I can provide you with a list of lenders who are. Good luck!

]]> By: Kathy Schnapp http://www.columbusohiohudhomes.com/hud-how-to/did-you-know-that-there-are-3-categories-of-columbus-hud-homes/comment-page-1#comment-33 Kathy Schnapp Fri, 02 Jul 2010 06:31:45 +0000 http://www.columbusohiohudhomes.com/uncategorized/did-you-know-that-there-are-3-categories-of-columbus-hud-homes#comment-33 My daughter and husband have been approved for an FHA loan. While looking at properties they found one that they really liked. The problem is that it is a foreclosed property. The home seems to be in very good condition with only what seems to be cosmetic work that needs to be done..(cleaning, painting). They have a realtor, and are putting a bid in, but I am a little worried that the bank will not accept them because its FHA. Is there anything that they can do to make this a smoother process? My daughter and husband have been approved for an FHA loan. While looking at properties they found one that they really liked. The problem is that it is a foreclosed property. The home seems to be in very good condition with only what seems to be cosmetic work that needs to be done..(cleaning, painting). They have a realtor, and are putting a bid in, but I am a little worried that the bank will not accept them because its FHA. Is there anything that they can do to make this a smoother process?

]]> By: Susanne Novak http://www.columbusohiohudhomes.com/hud-how-to/did-you-know-that-there-are-3-categories-of-columbus-hud-homes/comment-page-1#comment-10 Susanne Novak Thu, 13 Aug 2009 13:06:18 +0000 http://www.columbusohiohudhomes.com/uncategorized/did-you-know-that-there-are-3-categories-of-columbus-hud-homes#comment-10 Hi Dan, Yes, you can use any type of loan to fund the purchase of a HUD property. If you want to use VA, the property has to be in pretty good condition. IN (insurable) and IE (insurable with repair escrow) are the categories you should be looking for. Cosmetic repairs like paint and carpet are ok, but no major repairs. I have helped several clients with the purchase of a HUD where we used VA financing. The property on Shawnee Dr in Pataskala that you were interested in went into contract earlier today: http://hud1.towerauction.net/cgi-bin/e24_select_property.cgi?id=413405507&office=e24&state=OH About 33% of all HUD homes fall out of contract again, so there is a realistic chance that this one gets re-listed again! Let me know if you have any other questions! Susanne Hi Dan,

Yes, you can use any type of loan to fund the purchase of a HUD property. If you want to use VA, the property has to be in pretty good condition. IN (insurable) and IE (insurable with repair escrow) are the categories you should be looking for. Cosmetic repairs like paint and carpet are ok, but no major repairs. I have helped several clients with the purchase of a HUD where we used VA financing.

The property on Shawnee Dr in Pataskala that you were interested in went into contract earlier today: http://hud1.towerauction.net/cgi-bin/e24_select_property.cgi?id=413405507&office=e24&state=OH

About 33% of all HUD homes fall out of contract again, so there is a realistic chance that this one gets re-listed again!

Let me know if you have any other questions!

Susanne

]]> By: Daniel L Straty http://www.columbusohiohudhomes.com/hud-how-to/did-you-know-that-there-are-3-categories-of-columbus-hud-homes/comment-page-1#comment-9 Daniel L Straty Thu, 13 Aug 2009 00:32:25 +0000 http://www.columbusohiohudhomes.com/uncategorized/did-you-know-that-there-are-3-categories-of-columbus-hud-homes#comment-9 Can you use a VA loan to buy HUD ??? I'm interested in the hud home on Shawnee drive in Pataskla Dan Can you use a VA loan to buy HUD ???

I’m interested in the hud home on Shawnee drive in Pataskla

Dan

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