Aurora homebuyers may lose condos awaiting HUD approval – Aurora, Colorado

Aurora, Colorado 2022-05-16 20:26:12 –

Aurora, Colorado — For over a year, Christina Pritchard has dreamed of a day when her brand new Aurora Condo in Sorrel Ranch will be hers. She signed her contract in April 2021 and was in a complex watching her house built from scratch.

“I’ve been working overtime all over the world just to save down payments,” she said.

Pritchard was approved for a federal housing agency (FHA) loan, and the single mother thought she was doing everything right. It was up to two weeks before her realtor learned that the US Department of Housing and Urban Development (HUD) had not yet approved the FHA loan building.

“We need help. We need someone to help us, and that’s why we came to you,” said the realtor, who said the other buildings in the complex were approved. Rachel Wallace said.

It’s not clear why the delay is behind, but Wallace said it could cost some families their home.

Pritchard’s fixed loan interest rate expires on June 5, and she can’t afford to pay the new interest rate.

“Christina and I almost feel this is a story of David and Goliath because we’re all together fighting the federal government for bureaucratic formalism,” Wallace said. I did.

Builder Lokal Homes confirmed in a statement to Contact Denver 7: Or requested more information about the status. “

Meanwhile, the HUD also issued a statement and did not provide a timeline for the approval process. This issue does not affect borrowers with mortgages that are already closed and have FHA insurance approval. ”

Mr Richard said the apartment was already full and, at worst, he didn’t know if the federal government would support her or leave her without a home.

“I’m not just a number. This is my life working hard to be able to buy a house for me and my son,” she said. “It’s having such a big impact that I think we need to hear that something is broken in the system and we need to do something.”

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Aurora homebuyers may lose condos awaiting HUD approval Source link Aurora homebuyers may lose condos awaiting HUD approval

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