K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Questions to ask your lender when financing a HUD Home

September 20, 2021

Questions to ask the Lender when financing your HUD Home.

Not all Lenders understand how to finance a HUD Home.  When the Lenders are not experienced, it can cost you time and or money, and ultimately, your dream home.  Here is a list of questions that you should ask your lender, before moving forward with them as your Lender on a HUD Home.

  1. How many HUD Homes have you financed in the past year? Can I have a list of references?
  2. How many 203b loans have you done in the past year?  Can I have a list of references?
  3. How many 203K loans have you done in the past year?  Can I have a list of references?
  4. What is the most challenging issue that you have encountered, and how did you resolve it?
  5. Do you sell your loans, or do you keep them in house?
  6. How long does it take if you need to get help from an underwriter?
  7. How long will it take my loan to close?
  8. What do you need from me?
  9. How will we get around the possible issue of not having the water turned on for appraisal?
  10. Have you reviewed the Property Condition Report and Disclosure?  Will the loan that I am approved for mesh with these reports?  Can you explain what Insured with Escrow Repair means?     

 

Tags: ##homeloan

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