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ask your Realtor about the guidelines on the loans first (FHA loan for this case in worth it or and some others programs,) and don't get graicy looking for one and another house , pick the one satisfide your needs, and all cases are different to other ok bye bye.
You need to work with someone who understands real estate and not just sales. If I were buying this house, here's how I'd approach it:1. Visualize the house you want to end up with and make notes.2. Write an offer subject to you and your builder or architect going through the house and coming up with estimates to do what you want to do, and obtaining financing to do so. You'll need at least 30 days.3. Based on that, determine a value of the house when it's fixed up. If you just go through the normal house-buying process of the using the inspection clause and really, not doing much more than guessing, you'll just be chasing your tail and it can be very frustrating.4. Take your package of the house as competed to an appraiser, if you want to pay the few hundred bucks, or to a real estate agent who can give you a value range on the completed product. NOTE: An appraiser's opinion will be more useful than an agent's because appraisers have metrics available for estimating future value from construction.5. At this point, you have a meaningful package to take to a lender. You will also have the option of using a bank who does construction lending or will go with a construction-to-permanent loan package. Don't bounce frm lender to lender. A loan like this will take a company experienced with it. My first stop would be Washington Federal, and if they won't do it, they'll give you leads to lenders who can.6. When your 30 days is up, write an offer you can live with in the usual way.All the stuff about no available comps and all that is true, but with the above steps, you can circumvent all that--re-program the computer, if you will. And don't underestimate falling decks and issues like that that seem easily fixable. That's an instant red flag for FHA, because it's a life safety issue and they'll head the other way so fast you can play cards on their coat tails.
As long as the lender doing the loan is a reputable one (Wells, Chase, PNC, Bank of America... etc... a known name) they all use an appraisal service the reviews and certifies the appraisals and is then reviewed again by the bank.Anytime realtors have challenged my appraisals, they can't provide me with better ones... or at least realistic ones that make sense.Chances are the appraisal is pretty good and the seller and realtors involved are not. Pay more attention to the appraisal and make sure to subtract the cost of home improvements from it, if not done already.Consider a rehab loan or just pay cash for the house with your liquid assets and equity in your other home.
Were you even able to get a response as to "why" you were denied the loan? Sometimes, from our end, we see that it is a lender requirement that can or cannot be satisfied that could have been addressed earlier in the process. Which lender are you going with?
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