Zillow Advice RSS: Question-Discussion-Guide,Home Buying,Springfield- MA

how do i find out the value of a home

Tue, 20 Oct 2009 03:47:00 GMT

2 replies

where can i find a reputable mortgage broker in springfield mas to work with me with terrible credi

Thu, 24 Sep 2009 15:13:00 GMT

where can i find a reputable mortgage broker in springfield mass to work with me with terrible credit

1 reply

What would be a good offer for 7 colorado st, 01118?

Wed, 05 Aug 2009 17:51:00 GMT

It is a short sale

1 reply

How does one find the mortgage history/outstanding balance for a prospective home?

Wed, 05 Aug 2009 15:40:00 GMT

Listing agent does NOT want to provide me with this information, Where can I find it?

13 replies

Buying HUD REO with FHA Loan ?

Mon, 06 Apr 2009 19:33:00 GMT

Hello,

I have a question that I hope a HUD expert can confirm for me.

First off, I have already been pre-approved for a 30 year fixed FHA mortgage up to $100,000 through Wells Fargo. There is a home in Springfield, MA that is HUD owned, the asking price and "as is" value according to HUD is $70,000, I will be bidding as an owner-occupant.

The house appears to be in good condition with no major repairs needed and is listed as being insurable (IN) for FHA financing, I was thinking of putting in an offer over the $70,000 that HUD is asking for but when I spoke to my lender (Wells Fargo) about this, I was told that with an FHA loan, I cannot bid any higher than what HUD is asking for and that if I do, I will have to pay the difference out of pocket, I was told specifically that this is a HUD rule and not a rule through Wells Fargo, can someone please give me some clarification into such a rule ?? The contact person is very reputable and I don't believe he would steer me in the wrong direction but this makes no sense to me.

It seems to me, this HUD Rule is almost discriminatory, as I was told I could go over the asking price with a conventional loan but not with an FHA loan, this would seem to put me at an unfair competative disadvantage, thanks for any feedback.

~M

4 replies

Value of a mobile home

Tue, 13 Jan 2009 23:19:00 GMT

Looking to buy a moble home which has 63 code violations? It is a 2 bedroom one bath. 57' by 15 ' fenced with driveway. Needs alot of work. In Springfield MA, off of Boston Road.

3 replies