FHA, Officer, Bill discussed on Underwriters Corner
Tell them to throw a book in the mail to you. But why you have the lone officer on the phone first of all get their name and their cell phone number. But also say lone officer, let me give you permission to run my credit. Gimme a half a minute here. And I'll tell you about my income. What would I be approved for on any FHA loan? And then if you happen to stumble across a house that needs ten or twenty or thirty or forty or fifty thousand dollars worth of work. You know, if you're a proof of that or not because they will ready approved you for an FHA loan. I'm telling you, it's a great program. What this does for you? It opens up houses that you didn't think you could look at before, you know, maybe it's a house that's owned by the Bank the Bank foreclosed on this property years ago. And it's been sitting there vacant and the Bank knows it needs some work. It has an oak kitchen, the carpeting is as old as the house. The deck is half broken off the back of the house. So you need ten twenty five twenty five thousand dollars, but the Bank is willing to lower the sales price because they know it needs all these things, but they're you know, they're. Twelve states away. They're not going to send a contractor in there to do the work. They just want to get rid of it. You can put an offering now. And you say Bill, I only have that three and a half percent down payment. I'll give you all the money you need for for any the repairs. Renovations you wanna do to it? You can look at the house that maybe the kids inherited grandma's house. Well, the houses old is all old by. I know couple that old in the kitchen is old. The carpeting is old. It has no central air. But the kids don't have the money to fix it up. They just want to sell it and split and split. The proceeds will you can make them an offer. And I will give you all of the money to do any of the repairs or renovations that you wanna do that you have to use a licensed contractor. You can't do the work yourself. And licensed contractor has to be ensured. But I will give you all the money you need in the escrow account. You have six months to get the work done with your contract. And that he said he was gonna do and for the price that he said he was going to do it, and I will pay him and draws from the escrow account now, you can look at houses that other people pull up and they say, oh, God if you want to go in that house. And you know, it it needs new kidneys, new, siding and new windows and. If it doesn't even have a fireplace. I've always wanted a house with a fireplace. Okay. How much of the fireplace? The put in ten thousand dollars. How much is it to put new windows in ten thousand dollars? And then you get into the house and the house carpeting is as old as the house. Okay. You need seven thousand for the carpeting just give me the contractor bids, and you can put an offer in on that house, and I will give you all the money you need. If you wanna get a copy of the book, I like to get a copy of the book, I make great bathroom reading. It's very has pictures in it, it's written in plain English. But if you wanna get if you wanna go onto a.