How hard is it to refinance in these bad economic times?
I have OK credit- 700 ish
We are purchasing a house from 203K HUD loan which if you know about it- you know it’s a b*tch of a loan. After we sell our house in Philly we should only owe $ 63 grand on the new house (138,000- is the cost of the new house). House is valued at around 260,000. We purchased this house at auction, it’s a forecloser. Basically we want to get out of the HUD loan as fast as possible and refinance it into a bank loan. This way we don’t have to do all the insane fixes that HUD demands like a railing for my back step which is 2″ off the ground. Also we are fighting with them because I have a amazing exposed ceiling in my kitchen and they want me to sheet rock it! Completely insane and after question them why- it’s just sounds like generic rules! Like they say- “no exposed ceilings or walls” so even though it’s made to be exposed and perfectly safe and fine- it has to be covered. My realtor told us to just get the HUD loan since the house is 200 years old and needs repairs- fix the basics and then refiance it. This way we don’t have to do all the HUD fixes. Does this sound too easy? What issue may I run in to?
My car is paid off- I have no other credit cards or dept against me. I only owe on school loan since I am currently getting my master but I can pay both the mortage and my loans with out any issues. I was just wondering if a bank would refuse to take over a HUD loan?