Financing in 78702>Question Details

Yabjohnson, Home Buyer in 78702

Must 203K qualifying property be at least a year old? If so, are there similar loans w/o that requirement?

Asked by Yabjohnson, 78702 Thu Aug 13, 2009

I'm interested in purchasing/rehabing a single family shell which was built earlier this year.

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I want to clarify my previous answer as many new homes do qualify for this program. Here are the exact words regarding the FHA 203K loan from FHA guidelines:

"Purchase and rehabilitate an existing structure that has been completed for at least one year."

You can purchase any home you want to as long as its been completed for at least one year. There are several brand new homes that have been completed and sitting for a year waiting for someone to buy them. This is often the case when a builder does not finnish the kitchen , trim etc and they don't want to invest the money in the details. I hope this helps.
0 votes Thank Flag Link Fri Aug 14, 2009
Newly built/Unfinished properties will not qualify for the FHA 203(k) Loan.

And have yet to come across a similar purchase/rehab conventional loan with 3.5% downpayment, one time closing, fixed rate, 30 years.

There are loans available for newly built/unfinished properties which require a minimum of 20% downpayment and proof of clear title.
0 votes Thank Flag Link Fri Aug 14, 2009
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