Yes- FHA will approve a loan for this home if you get a 203K rehab loan. Based on the items missing, and hopefully, if there are no structural repairs needed, you may want to to consider a 203K streamline loan. The 203K streamline is the "mini" 203K product that can be used for minor renovations, appliance purchases and minor repairs. The cost of repairs cannot exceed $35,000. The cost of the repairs and your first mortgage will be combined into one monthly payment. The mortgage can be fixed or adjustable.
The repairs should be completed within 90 days of closing. 50% of the cost will be disbursed at closing with the balance paid to the contractor upon completion. You can use a national retailer for the cabinets and installation but since you have other items, I would interview a few general contractors or subcontractor/handyman to get an idea of how much they will charge to install the cabinets, light fixtures and other miscellaneous items that may be listed on the home inspection. Or you can you use both a national retailer for the cabinets and installation and then use a subcontractor or GC to take care of the other miscellaneous items.
I strongly suggest you use an FHA consultant for your home inspection. The consultant will prepare a plan and assign a value to the cost of the repairs. You can use this report as a basis for obtaining estimates from the GC or contractor.
The rates are very competitive. Some lenders offer the same rates regardless of whether your getting a regular FHA purchase or 203K rehab loan.
I'm currently working on several rehab loans and have closed several.
Please feel free to contact me if you have any questions regarding this program.
Enterprise Mortgage Group
Winter Park, FL
Please contact me for information regarding FHA 203 K mortgage programs.
Sr. Loan Consultant
Florida Mortgage Corporation
FHA requires the home be "livable". Kitchen cabinets, stove, sinks, toilets, hot and cold running water, etc. Weve had customers who did both. If they really love the house, they pay for minor repairs out of pocket. Others will opt for the 203K loan, which is simply a Fannie Mae loan that allows for repairs to built into the loan. Also referred to as "repair escrow". All lenders CAN do this loan, but choose not to because their are limits to what the lender can charge. The list below Mr Griffin refers to, is a list of lenders that have done a 203K loan in the past 12 months. My advice is right after you have a fully executed contract, get a state certified FHA appraiser inspect the prospective home to determine if it will pass or not.
Feel free to call me if you have any more questions.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
office 954-771-7715 x104
Florida Mortgage Lender
Here is the page from HUD / FHA:
This Page contains additional information:
An approved Lenders List (subject to change):
be sure to check the 203K Box at the Bottom of the Page:
Best wishes to you,