Home Buying in 90034>Question Details

Midjit, Home Buyer in 90034

Can a 203k loan be used to place a foreclosed manufactured home on a foundation? and make other repairs needed to pass FHA?

Asked by Midjit, 90034 Sat Feb 12, 2011

First time buyer in Prattville Alabama. The mobile home is a 2003. It is not on a foundation, and won't pass FHA inspection The realtor suggested a 203k loan. It also needs ceiling repair, a window is broken, and the front door won't lock. There are also some minor repairs needed. The heat pump looks like it might need replacing, but there is no electricity, so I don't know for sure. We also want to have another bath added. I get different answers when I've tried to check. Because it is not on a foundation, would it qualify for the 203k loan, or could we have the price of the foundation included in the rehabilitation loan?

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Answers

2
If you haven't already you should talk to a 203k specialist.

Best of luck to you.
0 votes Thank Flag Link Mon Mar 7, 2011
My recommendation is speak to your loan broker... your Realtor may be correct, however, your loan broker for your given area will know the intangibles regarding this type of loan for this type of property. Good luck.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Mon Feb 14, 2011
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