If you can verify income, the “reserves” requirements in addition to down payment funds should have been no more than 2 months worth of mortgage payment.
What repairs were needed? They might not have been as “stupid” as you think.
What area are you in BTW?
“If you can verify income, the “reserves” requirements in addition to down payment funds should have been no more than 2 months worth of mortgage payment.”
Significantly more.
“What repairs were needed? They might not have been as “stupid” as you think.”
Reattach loose trim strip in bedroom, seal joints in (seamless!) gutters, repair torn screen, etc.
“What area are you in BTW?”
North Central WV.
I do realize that my loan was different. The house was an FHA repo. I took advantage of one of their year end inventory reduction sales and was able to get the house for $100 down and a whole lot cheaper than its appraised value. I have a few year old appraisal of it that had not taken into account the increased property values in the area, the new windows, new roof and lots of other things. I know the comps that their appraiser used and he scratched the bottom of the barrel. I am a cheap b#stard and made a rediculously low offer. FHA took it. I should have told the bank what to do with their loan, but that would have meant scrapping my contract with the FHA.
BTW - I had the loan officer state in email that I was required to use a certain appraiser, because he was the only FHA approved appraiser in our area. There are actually 13.