Hello, we are currently looking to by a home. The home needs some updates but, we are being told that the lender (s) no longer allow for repair credits by the seller at closing? This is something new. How do you get new carpet or replace out dated forms after closing?
We are currently deciding on a property but, have been told that lender(s) no longer allow for credit at closing for updates or changes that need to be done. Is this something new? The appliances in the home need replacing and the carpet also. We don't want to start making bills upon moving in. We have done this in the past - offer the full asking price and the seller credits amount that is dispursed at closing and the repairs are made. by annettwas from Nashville, Tennessee. Jun 16th 2010
Nic Netherton (ColoradoLender)
#15 ranked lender in Colorado - 57 contributions
What type of financing are you using? The FHA 203k loan sounds perfect for your scenario. Try finding a local TN lender who is VERY experienced with the 203k because that will be the key to a smooth transaction.
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
Quick Answer=FHA 203k loan. Everything you desire to be done to the home can be accomplished very easily. We are a National Direct Lender that has been around for almost 25 years. Our rates are amazing and our knowledge of FHA 203k will give you every reason to smile. Please email me for a free quote and to guide you through this process. Thank you.
Christopher Stancato (Kyle Stancato)
#3 ranked lender in Washington - 64 contributions
Depending on the amount of the repairs and what they are this can be done. Since the market has alot of inventory where the majority of the houses on the market are foreclosures with work to be done the banks have programs to help. Give me a call and I can help you out. Take care,Kyle Stancato253-460-6000bayviewhomeloans@msn.com
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions
What you would probably qualify for is an FHA 203K loan which allows for repairs. I am located in TN & do these types of loans. Give my office a call to discuss your situation & options.ThanksNancy J RelefordChief ManagerHome Equity Mortgage, LLC2670 Memorial Blvd. Ste CMurfreesboro, TN. 37129615-867-3060615-867-6926 Faxwww.homeequitymtg.com"2006 Broker of the Year Award"
Matt Baker NMLS#190779 (MattBaker)
#31 ranked lender in Arizona - 75 contributions
If title dispurses the funds directly for the repairs. That can be done. You are no longer allowed to get a credit back at closing for the repairs and do it yourself. That would be considered a sales concession, and lender will take that amount off the sales price. Although it can be more cubersome, but if you do it ahead of time and not wait to the last minute, get some bids and turn into the seller and have them approve it and have escrow disburse the funds directly to the companies for the fixes. I hope this helps.
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