Posted on August 16, 2011.
We are looking to purchase a house That Requires Some repairs. OK, Some More Than ... the previous owner removed Including The Entire kitchen and all the Sink Along With offices in searching bathroom cabinet / sink and missing Waterheater. What Requirements Does FHA loan Need to make this possible? WE WOULD really like to buy The House Do the rehab and Ourselves.
Yung Wold says...
Ask your lender about a 203b loan or a rehab loan.If they tell you they aren't available, call another lender until you find one who uses an FHA underwriter that will approve a rehab loan.They are called different nicknames in different regions, but the bottom line is that FHA will approve a purchase with needed repairs.They will approve you, based on your credit, for the value of the house AFTER repairs would be done.You would finance the entire amount, they would escrow the amount for repairs and you would be given the money to do repairs as you needed it for supplies.
Posted on August 20, 2011
