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Posted by
lakisha curtis

Harvey Flooded Home Mortgage Lending

Hello! I am an individual looking to purchase a home that was flooded by Harvey; are banks lending individuals home loans on Harvey distressed properties. If so, how many hoops are they sending you through for these loans? Thank you for your responses in advance!

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Harvey Flooded Home Mortgage Lending

By lakisha curtis   
Posted on Dec 26, 2017 in Topic: Home Buying
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Hello! I am an individual looking to purchase a home that was flooded by Harvey; are banks lending individuals home loans on Harvey distressed properties. If so, how many hoops are they sending you through for these loans? Thank you for your responses in advance!
Status: Open
Viewed: 1512
Asked by: Consumer
Posted: 3 weeks ago
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Silver
Michael Jobin
about 3 weeks ago
Hi Lakisha,

Banks do lend on homes hit by flood waters. Just like any other home loan, the hoops will depend on the value and percent of loan. Most banks will require flood insurance also. Just as an caution, the hoops may not be just the loan. You may run into bigger hoops with new building codes that have come into play depending on the damage rating of the home and what you plan to do with the home.

Michael Jobin, SRES
C&K Properties


about 3 weeks ago
Bronze
Joseph Ferrer
about 3 weeks ago
Hello Lakisha, the overall answer is yes. But it depends on the home in question and how much damage was done to the home. Plus, the loan program that you qualify for will have special provisions. You will also be required to carry flood insurance. If you have a particular home that you are looking at, I can help answer your questions.

Joe Ferrer
Berkshire Hathaway HomeServices
Anderson Properties
Email: ferrersoldit@gmail.com


about 3 weeks ago
Silver
Christopher Dayanand
about 2 weeks ago
Hello Lakisha,

To get your own home refinanced, big banks ask for full disclosures and send you out for a spin. To buy distressed properties, your head will spin so fast that you will drop the idea of buying that house. I would rather go to investor friendly brokers and banks. Reach out to me and I have many brokers who can help you.

Chris
832-859-8698
ChrisRealEstatePro.com


about 2 weeks ago
Diamond
Francois Delille
about 6 days ago
It will be easier to refinance the house once it has been repaired and remediated. There are some options before, it will depend if you still aim to live in the house or not.
thanks,
francois@cozy-homes.com


about 6 days ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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