Can you get a 203k loan for repairs on a house if you are not employed in the city where u want to live.?
We live 4 hours away and have found a property we like . My bussiness as being self employed brings me back to the city at least 3 times a week and on weekends twice a month. Problem is my wife carries the largest portion of our income and best credit, but her job is not relocating back to New Orleans. Can we qualify for any type of financing to get back home and buy this property before it is gone.
Under normal FHA underwriting, you should use this type of loan for a home that you will occupy the majority of the year. There are extenuating circumstances, however, if you already own a home in the other location (where your wife works), I would expect the underwriter to classify this as a second home.
The other option would be a Fannie Mae Homestyle loan, however, this loan product may have been suspended. I am checking for alternatives to this product now.
Yes, I,ve done this with investors who bought katrina damaged property to repair & resell. Are you in Shreveport? I,m from there. Grad of Woodlawn HS & La.Tech.
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