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  1. #1

    Buying a fixer upper HUD home

    I am under contract with my dream fixer upper but my lender is advising me that HUD reeks of heartache and wasted money. He has a rehab loan product but is afraid I will waste a bunch of money on inspections and what not to have HUD refuse to cooperate at the last minute. Any advice/experience?

  2. #2
    If this is going to be your primary residence, a 203K would be possible and make sense. you would only need approximately 3.50% of the projected value after improvement and finance the remainder.

  3. #3
    please contact me through my profile to discuss.

  4. #4
    Kind of sounds like he doesn't want to deal with a rehab loan. If he is talking about 203k loan, you purchase it then start to make repairs.

  5. #5
    It does take a lot more time but not to much more money upfront. Maybe get a second opinion from another lender who has experience with these loans. Ask your current lender how many they have done.

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