Thursday, August 20, 2009

RIP 203k

I took a little bit of a hiatus from the blog, but I'm now back! We have had a lot going on recently but things are definitely moving, but I will probably fill you in with short posts, rather than one long, boring one. After waiting for a long, long time for our FHA loan, the company we were using quit the 203k program and denied our loan. We tried resurrecting it with other companies, but unfortunately found another problem with the appraisal. Our appraiser the "as is" value of our house way below its current value. He apparently took our purchase price of the house and then took into account depreciation in the neighborhood and the number of months we have owned the home to come up with the current value our house. So according to the appraisal we owe more than it is worth. The bottom line is that if we pursued the 203k further, we wouldn't be able to get everything done.

So we are now back to doing things ourselves, with a little bit of help.....

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