"CAN I BUY ANY HOME USING AN FHA LOAN?" This is the question that I read submitted by Popot.
The correct answer is NO YOU CAN NOT!
The seller has the right to accept or reject any offer presented. FHA backed loans come with a mountain of 'bad news' that many sellers will reject from the very beginning.
The home itself will need to meet minimal requirements. Your 'renovate myself' statement suggests this specific house may have some 'issues."
That leads to the FHA 203K rehab loan. This is a mountain stacked on a mountain.
Finally, as an example, FHfA plus Wells Fargo should cause any owner to kick the offer to the curb. WF will leave you at the alter (always blamed on underwriting) leaving the seller inheriting the smoldering ruins created by bad choices. Hopefully you see there are a great number of variables that determine success. Many are beyond the control of the buyer. Some are the choice of the seller. To many take place behind the curtain that conceals what the banks are up to.
Summarized....Yes you can buy A home with FHA backed financing. NO, you can not buy ANY home with FHA backed financing.
Others have discussed the qualifications required for an FHA approval.... more
It seems like the market has bottomed & is slowly heading upward. Looking at history, downward cycles always rise. Hang in there Woodhaven will come back, perhaps not as high as the boom years but cycles continue and prices rise.... more
If your 2 family home is your primary residence (lived in for at least 2 out of the last 5 years), you may not have to do a 1031 exchange. I would recommend speakinng with your accountant to get advice. In a 1031 exchange, it needs to be handled similarly to a transfer of a 401K plan when leaving one employer and going to another - you cannot personally receive the profits of the sale (if it is not your primary residence or if the profit is more than $250K for an individual and $500 for a married couple). The proceeds/profits will have to be held in an escrow account. Good luck.
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties