livingnamaste, Home Buyer in Dayton, OH

If I am purchasing a HUD home for cash and at due to a foreclosure will not qualify for a FHA mortgage for 3 yrs... can I still qualify for the 203k?

Asked by livingnamaste, Dayton, OH Tue Jul 31, 2012

rehab loan .... how about if I wait the 3 years?

Help the community by answering this question:

Answers

3
A 203k is still a FHA mortgage just a different type. The normal FHA loan is a 203b for move in condition homes. A FHA 203k loan is for homes that need repair and they allow you to wrap the cost of repairs to be done by a FHA certified contractor into the loan.
0 votes Thank Flag Link Tue Jul 31, 2012
you can purchase a HUD home in Cash, but when you go to rehab it, It would be the loan officer that would answer the question on if you would qualify to get a 203K loan after you close, that would depend on the amount you would need and your credit score and what amount of loan you would need and what it would appraise for if it was fixed up, This question would be answered more complete for you by a lender. Get in touch of a loan officer to help you with this questions.
Give me a call for more details

Grace Siefer
Coldwell Banker Heritage Realtors
934-554-5159
0 votes Thank Flag Link Tue Jul 31, 2012
The 203k is a type of FHA mortgage where funds are included in the loan for rehabbing the property. If you cannot qualify for a FHA mortgage; you cannot qualify for the 203k.
0 votes Thank Flag Link Tue Jul 31, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer