I am presently looking to purchase (and owner occupy) a hud property here in St Louis. There are several hud properties in this area that consistently sell (not list) for good prices. I have a 635 fico, but have a limited work history. I have been on my present job for 4 1/2 months.
Are there any hard money lenders that will lend to purchase a property that will be owner occupied? Are there any mortgage brokers that will tell the truth about what they can and cannot do? I just lost earnest money, appraisal fees, inspection fees, etc (not a hud property) because the lender switched gears on me at closing, requiring so much money to be brought to closing that the deal no longer made sense.
I would appreciate any feedback.
Have you applied for an FHA (HUD) loan to buy the HUD property with?
HUD is a federal agency chartered specifically to assist folks like you obtain safe, affordable housing. They have dozens of programs;
They will often lend with a small (like 3%) down.
An HML should be your last choice.
My main problem is my short employment history, or else I would be able to get more favorable financing. FHA approved me, but with certain stips that I cannot meet. I am employed, but I don’t have very long on the job. I can probably come up with a down payment, but I can’t show a certain average bank balance over a period of months. Those are the kinds of things that I am dealing with at this point.
I really appreciate your response.