I closed a short sale last week in Teravista and we looked at several options for the loan. The FHA loan is a good possibility but there is a set limit of loan amount on an FHA loan and the appraisal will only allow for so many repairs. It is best to speak to a lender who can look at your purchasing goals and determine which loan would be best for you financially and as far as repairs are concerned. I have some great local lenders I would be happy to recommend to you. If you have any questions please feel free to call me. (512) 695-1634. E-mail smccomb@kw.com

There are many loan products (both conventional and FHA) that would allow you cover the cost of repairs and improvements as well as roll in your closing costs. If you would like a free (always up-to-date) online list of Foreclosure properties in our area (with color photos); visit my website below:

What you should probably look at is a 203K-FHa loan which will include repairs up to $35,000 into your FHA mortgage.

Henry:

We have some solutions that work for these sorts of situations. Call my office for details.

Thanks!
Steve

Henry,

The challenge in getting a loan that will also cover repairs is that most lenders require the repairs to be complete before you close which means that you will not receive the money for the repairs until after they are done. We are very familiar with Teravista. I have been working with some other clients that are looking at homes in the Teravista area and we have seen several excellent buys on nice homes that do not need anything more than a paint job or carpet replacement. Depending on what your price range you are in, there are also some excellent buys on new homes in Teravista. We also work with the builders in the area and can help you an that area.

Let me know if I can help with anything else
Mike Freeman
Mike@FreemanCentury21.com
512-694-9769

I would talk to a ocal mortgage broker....there are no specific loans for foreclosed homes that I am aware of. Most likely you would have a conventional loan with closing costs, and any needed repairs built into the purchase contract.