Hi,

Note that with the 203k Streamline, you will need to take a minimum of $5,000 in funds for repairs. However, this type of loan will make your offer more competitive than one where you are asking the bank that owns the home to make special provisions.

If, on the other hand, you ask the bank if they will let you make repairs - and I really don't know if they would, for liability reasons - be sure to get fully approved for the loan, not just pre-qualified, before spending your own money.

Good luck to you.

Diane Loveridge
Majestic Properties
dloveridge@majesticproperties.com

All answers here are good, the important thing is the property still needs to be inspected, what if it has a sinkhole? Remember foreclosure homes dont have to disclose any damage,or potential damage.
That is at least $60k on repair, where is your saving?
If you like a good inspector ,i know one.
Good luck

There is one way to get the home up to date before an FHA inspection. You can ask permission of the owner to allow you to install the light fixtures and kitchen cabinets before the inspection. It will take a release that if you don't get the loan you lose your work. Work with your lender to make sure the inspection occurs after the work is complete.

If it is in move in quality liveable it might be OK... speak with your mortgage broker or buyers agent determine your best interest you don't want to exhaust money on inspection, appraisal then can't be qualified.

GREAT QUESTION

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Lynn911

203K FHA loan would be the way to go. However, It is possible for FHA to approve the loan as the appraiser may just record these problems in the conclusion of value. HUD guidelines reflect Safety (maybe exposed wires from fixtures), Security, and Soundness to protect the health and safety of the new owners.
Good luck with your new home, which ever one it may be. This is a great time to buy and a good investment in your future.

You in luck because as the other knowledgeable agent have said you can do a FHA 203K loan. To be more specific you can do a streamlined 203K loan if there are no structural elements in the repair . The repairs can be over $35,000 in cost. So your in luck most mortgage brokers can do the streamlined 203K you'll get a better deal form them than you would a bank. My favorite lender is Ryan Volmar and expert at the 203k loans at ryan@residentialacceptance.com now Ran Life Mortgage.

HUD page on the new Streamlined FHA 203 K loan http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm
The detail explanation MORTGAGEE LETTER 2005-50 word document http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi…

salt lake homes for sale

If you want this particular house, you will probably have to go with an FHA 203K Loan.

Here is the page from HUD / FHA:

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

This Page contains additional information:

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

An approved Lenders List (subject to change):
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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the ones that i have sold require the seller to fix them before they will fund the $$$

Unfortunately, no....they are so picky. I have a closing tomorrow where the roof, HVAC, and even chipping paint had to be replaced before we could close. Best of luck, but you may need to look for another home. You could see if the seller would be interested in replacing this to get the deal closed??

No, Fixtures and cabinets that are supposed to be there will have to be for FHA loan.