Home Buying in Millington>Question Details

Me, Both Buyer and Seller in Millington, TN

If a house is listed Sale As IS , does it Qualify as an FHA

Asked by Me, Millington, TN Thu Sep 17, 2009

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It depends on the condition of the house, it could qualify for FHA and still be sold as is. May times the owner is either unwilling or unable because of their finacial situation to do any repairs. I have seen "some" banks that would help with repairs if they saw that the buyer was serious and the repairs were going to have to be made no matter who they sold it to. This does not happen with investor homes.

Terry
0 votes Thank Flag Link Thu Sep 17, 2009
Ask your Lender about the possibility of an FHA 203K Loan:

Here is the page from HUD / FHA

http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm?&lang=en

This Page contains additional information

http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm

Here is a list of Lenders that have done an FHA203K Loan within the past 12 months
(be sure to check the 203K Box at the Bottom of the Page):

http://www.hud.gov/ll/code/llslcrit.cfm


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Best wishes to you,
Fred
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1 vote Thank Flag Link Thu Sep 17, 2009
It's possible. As Is just signifies that the seller is unwilling to do any repairs, it doesn't necessarily mean that there are FHA required repairs. In practice, keep in mind though, that most of the time that a seller isn't willing to do repairs, there probably are repairs to be done.
Web Reference: http://www.JuliaOdom.com
1 vote Thank Flag Link Thu Sep 17, 2009
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