VIRAY LLC

Affordable housing in Midland Texas

What is Viray?

VIRAY is a business my wife and I started in honor of my late parents Raymond and Viola Coleman. They lived in south Midland (Texas) all of their lives.
The population in south Midland is mostly made up of minorities, and this part of town has not enjoyed the boom in Midland to the extent the rest of the city has. There are many abandoned and neglected properties on this side of town, and city code enforcement here seems a little lax.
My parents left us some rental property, and we were getting lots of calls from folks looking for properties to rent.
So we got the idea to fix up these rental properties, as well as other neglected properties, and sell them to folks at reasonable and affordable prices.
We have been buying properties that no-one else wants, cleaning and remodelling them, and selling to people who would otherwise never have been able to buy a house. This, we feel, is something my parents would have been proud of.

Sunday, February 24, 2008

FHA Loans

We have accepted our first FHA loan on a home, and I am not sure we knew what we were getting into. The inspection process for an FHA loan is much more comprehensive than for any other loan.

A few minor items showed up on the first inspection of the home, we promptly took care of these. Then a FHA inspector checked out the house. We received four pages of major items that had to be corrected in order for the loan to be approved.

They were all taken care of and ranged from replacing wood planks with small holes in the house to repainting parts of the house.

The house sits on pier and beam and the FHA inspector had concerns about the bracing of the house and insisted that a structural engineer also inspect it. Fortunately for us, this inspection disclosed no problems.

Finally, after a week of additional work we passed out final inspection and we closed on the house on Friday.

FHA loans allow more people to qualify for home loans, but it does mean more work for the seller and additional costs for the buyer.

Posted by VIRAY LLC at 9:24 AM

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