After waiting for more than three months, Electra and Cameron Vincent finally got their money. The first-time homebuyers shared their story in the Star Tribune last Tuesday about the difficulties they faced with a popular government-backed loan program. Their FHA 203(k) home loan included about $35,000 to make needed repairs to their Minneapolis house.
After the work was completed in December, the Vincents tried for months to get Bank of America, which services the loan, to release the money. The Vincents’ final inspection was delayed until two weeks ago, and then a paperwork error meant another week of waiting. Their contractor warned that some of the unpaid suppliers might file a lien on the house. On Saturday, the Vincents received their check in the mail.