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Jonathan Blackwell
"FHA 203K Expert"
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Jonathan Blackwell answered:
Des, you can include that in the loan on a renovation loan. However, you mentioned the house is only 80% complete. If that house is a new construction foreclosure it won't be eligible for a 203K loan because it lacks a C.O (Certificate of Occupancy). On new construction foreclosures you generally need a Fannie Mae Homestyle. That changes your credit qualification guidelines and ups your down payment to 10%.
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