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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Possible deal. Need help. USDA Rural Housing Loan. Posted by Bill H on July 19, 2003 at 1:54 PM In Reply to: Possible deal. Need help. USDA Rural Housing Loan. posted by Ernie on July 19, 2003 at 1:04 PM : : Does anybody have any experience with the USDA Rural Housing Service? I have what may be my first deal and I am in need of advice. The owner contacted me and wants to get rid of her house which is due for auction on 7/29. She said that she had purchased on a low income loan from the USDA. She is $4100 in arrears with a balance of $64,800. The comps are between $105-$115K. The house is in fairly good condition needing only paint and new carpet. My first question is does this deal sound doable. It is in No. California where housing prices are rising rapidly and there is very little affordable housing so I believe that I could fix it and sell it within 3-4 months. I am guestimating $4-5K for the fix up with the mortgage at $400 a month for another $1200-$1600. I figure another $6000 for RE commission if I sell at $100K. I would be into it for about $12K total netting between $15-20K. Is my addition right? The other main thing is how does the USDA Housing work? Are they different than a normal bank or do they want to foreclose? Is there any special laws when dealing with them. I would appreciate any advice you can give me. Thanks. : Ernie Ernie: Do not know if this will help. I had one experience with USDA. I found out that they have a forgiveness prorgam and if the owner stays put then part of the loan is forgiven. I found that the deal I thought was great turned sour when there was to be about $35K added on when the owner went under. My suggestion is get in touch with the nearest USDA Rural Housing Representative. Ask them how you can do the deal. You might also check on the USDA Rural Housing Sale Site... www.resales.usda.gov...you may find the house already listed there. Good Luck, Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : Does anybody have any experience with the USDA Rural Housing Service? I have what may be my first deal and I am in need of advice. The owner contacted me and wants to get rid of her house which is due for auction on 7/29. She said that she had purchased on a low income loan from the USDA. She is $4100 in arrears with a balance of $64,800. The comps are between $105-$115K. The house is in fairly good condition needing only paint and new carpet. My first question is does this deal sound doable. It is in No. California where housing prices are rising rapidly and there is very little affordable housing so I believe that I could fix it and sell it within 3-4 months. I am guestimating $4-5K for the fix up with the mortgage at $400 a month for another $1200-$1600. I figure another $6000 for RE commission if I sell at $100K. I would be into it for about $12K total netting between $15-20K. Is my addition right? The other main thing is how does the USDA Housing work? Are they different than a normal bank or do they want to foreclose? Is there any special laws when dealing with them. I would appreciate any advice you can give me. Thanks. : : Ernie : Ernie: : Do not know if this will help. I had one experience with USDA. I found out that they have a forgiveness prorgam and if the owner stays put then part of the loan is forgiven. I found that the deal I thought was great turned sour when there was to be about $35K added on when the owner went under. My suggestion is get in touch with the nearest USDA Rural Housing Representative. Ask them how you can do the deal. You might also check on the USDA Rural Housing Sale Site... www.resales.usda.gov...you may find the house already listed there. : Good Luck, : Bill H Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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