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.
- How many HUD Homes have you financed in the past year? Can I have a list of references?
- How many 203b loans have you done in the past year? Can I have a list of references?
- How many 203K loans have you done in the past year? Can I have a list of references?
- What is the most challenging issue that you have encountered, and how did you resolve it?
- Do you sell your loans, or do you keep them in house?
- How long does it take if you need to get help from an underwriter?
- How long will it take my loan to close?
- What do you need from me?
- How will we get around the possible issue of not having the water turned on for appraisal?
- 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?
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