U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-27-2011, 01:04 PM
 
33 posts, read 87,177 times
Reputation: 14

Advertisements

Okay, found a great property. Turns out its a Freddie Mac REO. The listing agent says cash or conventional loans only, no FHA. I would love to do a USDA loan on the property. I've found some web sites that claim USDA is treated just like a conventional loan by sellers and some web sites that say no. Meanwhile, I'm trying to boost my credit score the few needed points to qualify for conventional. But, I was wondering if any of the professionals here have the answer.
Reply With Quote Quick reply to this message

 
Old 06-28-2011, 11:59 AM
 
33 posts, read 87,177 times
Reputation: 14
Okay, I see that I was rambling a little bit. To clarify, my question was: When sellers say Conventional financing or cash only, do they ever accept offers with financing via a USDA loan? If yes, how often? If no, why wouldn't they?
Reply With Quote Quick reply to this message
 
Old 06-29-2011, 01:36 PM
 
33 posts, read 87,177 times
Reputation: 14

Well, never mind. The property didn't qualify for USDA anyway (too much land with the home). And, my lender says even a conventional loan could be tricky due to the amount of land. I had no idea lenders were opposed to financing properties where the value of the land is "too high", whatever that means. So, that property is out.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top