Posted by Cochise on August 27, 2009 at 09:25:57:
In Reply to: The FOOLS on the HUD, Tom Wilke posted by Cochise on June 24, 2009 at 15:59:03:
Question: Can a meth home be mitigated under the streamline K without a consultant?
Answer: No this is more of regular 203K...but more serious is the county and HUD Tech Support would have to make the determination prior to listing the property.
Question: should i receive auido via my computer speakers or do i need to be connected to audio via telephone
Answer: via phone please
Question: we've been told that we can get another appriasal to see if the HUD appraisal was under value
Answer: No that is not true.
Question: For insurable with escrow does it need to be done as a 203K or can it be 203B?
Answer: Not if it is under $5000 in repairs.
Question: What's the phone #
Answer: 1-866-215-3627
Question: This is in the Atlanta Market and it;s a 203b not k.
Answer: Sorry about that...you can do a 203b w/repair escrow under $5000 and 203K over.
Question: Are these loan terms designed just for ROE properties or for all FHA loans? Latley, it has been very hardto get any escrows/hold back approved.
Answer: No the loan terms are the same as any 203b loan but the down payment may be different if listed with a special down program.
Question: When the sale initiative is accepted using the $100 down payment - will the LTV calculation be acceptable in an AUS or will these loans have to be manually underwritten?
Answer: AUS/TOTAL will accept when identified in the FHA Connection as an REO.
Question: This house demonstrates structural problems which are supposedly not permitted under the streamline loan. How did this happen?
Private Answer: This was just for a photo- you will see the rest for the "non-structrual"
Question: What? I did not ask for a "PrivateAnswer!" Private Answer: This was just for a photo- you will see the rest for the "non-structrual"
Private Answer: We answer a majority of the question privately. The picture was just a photo, to show the exterior and interior items. The story also mentioned the items that need to be completed.
Question: on the 203K worksheet in Closing Cost A5 do you include Closing Cost, Prepaids, and Discounts, or only Closing Cost.
Answer: Only on Refinances on line D1 of 92700.
Question: I'm not sure I understand your answer. Only on refinnaces on line D1 should you include CLosing Cost, Prepaids, and Discounts, is that correct?? On a purchase only closing cost should be included on A5, is that right?
Answer: No Closing Cost and Prepaids are not inclued in the Purchase calculation....only allowed in refinances.
Question: Private Answer: We answer a majority of the question privately. The picture was just a photo, to show the exterior and interior items. The story also mentioned the items that need to be completed. Your actions are tandamont to FRAUD! I know you need to unload yur properties but misleading Brokers and Buyers is at least malfesiance. Who are you and who is your boss? Please include telephone numbers.
Private Answer: Mr. Harris, if you have concerns with this presentation, please call the Denver HUD office and ask to speak to one of the Chiefs of Underwriting. 1-800-call FHA. Please also state your company name and phone number, so we may also contact you, if you wish.
Question: Are you refusing to give me you information? Curtis Harris, The Harris Company, REA/C 310.337.1973, http://www.harriscompanyrec.com P.S.YOu can have them call me.
Private Answer: We will be happy to contact you or you may call 1 800 Call FHA.