Updated Closings for July
Hello,
Here is a quick update of a couple of our more recent FHA 203k mortgage closings for our office in Minneapolis, Minnesota.
One family was purchasing a HUD home from Best Assets in Rochester, Minnesota and they called in the FHA 203k experts with the Uptown Financial Group to guide them to closing. In this instance it was challenging because HUD made us use their current appraisal and work with an appraisal that was outdated, poorly written and a nightmare to get updated. Good news---we made it happen.
The home owners were able to get roughly 15k for updates to their home including new floors, appliances, misc repairs, paint etc. The Best Assets title company also would not allow the bank to dispurse fund for the FHA 203k at closing so we had to track the file through the system to help get their funds ASAP. It took about two weeks extra, but all's well that ends well.
DEBBIE ELIAS, ABR, of Coldwell Banker Burnet in Rochester was excellent to work with on this transaction. She can be contacted @ 507-252-6706 or via E-mail: DElias@CBBurnet.com.
The second FHA 203k that closed last month was for a newly married couple purchasing a bank owned property in St. Paul, Minnesota. Once again we were found to save the day. The couple was working with Waterstone Mortgage and getting quoted about .75% higher in interest rate and also being told that they needed a HUD consultant, had to use the loan officer's relative for the work and that it was going to take 60 days to close. We were able to save the family money, guide them to closing and help them find a contractor of their choosing.
The couple used the FHA 203k mortgage for new floors, a new kitchen, new garage door, fresh paint, carpet and more. There were about 20k in funds utilized for the FHA 203k rehab work on this file.
Many people have nightmares stories about experience working with FHA 203ks, but when you are working with a professional that know the ins and outs and how to avoid the pitfalls---Closing and utilizing the benefits of FHA 203k mortgage in Minnesota can be a snap.
Contact us today for more info on FHA 203k mortgages and how they can help you in your puchase or refinance.
Ben Coulter
612.384.7818
612.677.3100 Fax
Ben@UptownFinancial.com
Here is a quick update of a couple of our more recent FHA 203k mortgage closings for our office in Minneapolis, Minnesota.
One family was purchasing a HUD home from Best Assets in Rochester, Minnesota and they called in the FHA 203k experts with the Uptown Financial Group to guide them to closing. In this instance it was challenging because HUD made us use their current appraisal and work with an appraisal that was outdated, poorly written and a nightmare to get updated. Good news---we made it happen.
The home owners were able to get roughly 15k for updates to their home including new floors, appliances, misc repairs, paint etc. The Best Assets title company also would not allow the bank to dispurse fund for the FHA 203k at closing so we had to track the file through the system to help get their funds ASAP. It took about two weeks extra, but all's well that ends well.
DEBBIE ELIAS, ABR, of Coldwell Banker Burnet in Rochester was excellent to work with on this transaction. She can be contacted @ 507-252-6706 or via E-mail: DElias@CBBurnet.com.
The second FHA 203k that closed last month was for a newly married couple purchasing a bank owned property in St. Paul, Minnesota. Once again we were found to save the day. The couple was working with Waterstone Mortgage and getting quoted about .75% higher in interest rate and also being told that they needed a HUD consultant, had to use the loan officer's relative for the work and that it was going to take 60 days to close. We were able to save the family money, guide them to closing and help them find a contractor of their choosing.
The couple used the FHA 203k mortgage for new floors, a new kitchen, new garage door, fresh paint, carpet and more. There were about 20k in funds utilized for the FHA 203k rehab work on this file.
Many people have nightmares stories about experience working with FHA 203ks, but when you are working with a professional that know the ins and outs and how to avoid the pitfalls---Closing and utilizing the benefits of FHA 203k mortgage in Minnesota can be a snap.
Contact us today for more info on FHA 203k mortgages and how they can help you in your puchase or refinance.
Ben Coulter
612.384.7818
612.677.3100 Fax
Ben@UptownFinancial.com
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