Ed Dubinksy, United Capital Lenders, has been successful in securing FHA loans for many of my clients. Feel free to call him at (215) 808-5353 with any questions. He will be very helpful in laying out the various mortgage options currently available for you.
If I can be of assistance in helping you find and/or negotiate a great deal for you, please call me anytime.
Good luck in your home search/purchase.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
CELL (267) 254-7994
You can do an FHA 203k Loan and if it is less than $30,000 in repairs you can do a streamline version of the FHA 203k which is much easier and simpler to do. If you would like to apply for this loan feel free to call me at 610-906-3109.
Certified Mortgage Planner
Primary Residential Mortgage
302-703-0727 DE Office
610-906-3109 PA Office
If you want to stick with a standard FHA 203b loan, I would advise you to review the home inspection report with the lender to see if there are any items that he/she believes would be required FHA repairs. If so, you could also do the repairs, not just the seller.
If you want to go the route of FHA 203k, the repairs are typically more substantial, even for a streamline k. In that case, if you haven't had a home inspection done, it may help to hire a home inspector who is also an FHA 203k consultant.
Arlington Capital Mortgage
As others have suggested, the FHA 203k loan does provides money for both the purchase and repairs/renovations. There is additional effort involved, more up front cost, and you need a mortgage officer with 203K experience to avoid turning what can be a fairly simple process into a nightmare. You didn't say what kind of work is needed. Some things that you would want to change will be acceptable to the regular FHA loan, and some will not. Your Buyer Agent and your Mortgage Officer should be able to give you some guidance regarding the particular property you are considering.
FHA 203K, all the way. If you need to speak to a good lender in the Philadelphia area, please let me know.
Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
firstname.lastname@example.org Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax