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HUD Properties and 203K Mortgages

By
Real Estate Agent with Coldwell Banker Residential Brokerage REB.0789640
Has anyone had experience in selling a HUD property that the Buyer financed with a 203K Rehab Loan? I am wondering if my present situation is unusual or the norm. I am presently into my 6th extension request from HUD. This equates to over 6 months when you take into account the original 30+ days that were given to close. The bank seems to have an enormous amount of requirements prior to committing funds. Who is the problem here HUD or the Bank? I beleive it is the Bank. HUD has been very generous in giving the extensions to my client. Typically they will only allow up to 5 extensions. I'm interested in hearing others stories. I just hope it is finally coming to an end!!!!!
Rodney Mason, VP of Mtg Lending
Guaranteed Rate NMLS# 2611 - Atlanta, GA
AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,NV,SC,TN,TX,VA,WA

In GA, Pemco handles all of the HUD REO sales.  On 203K financing, they give us 60 days to close them.  A 30 day 203K closing would VERY aggressive.  For a regular FHA loan, they give us 45 days to close.

Jul 27, 2010 04:42 PM