Depends on your situation. How long has it been since the foreclosure? How is your current credit? How long have you had steady employment? Really, the best advice I can give is to talk all of this over with a lender and see if you have any available options.... more
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.... more
As already stated, if your contract identified possession transfer at closing and funding, which is the norm, then after all is signed and funds are released by the lender....it is yours. The only way the previous owners would be allowed to stay was if you both agreed to a lease-back which is negotiated in advance for them to pay upfront rent - since you would be their landlord.
Another issue of concern is the 203k.....if you are going to have contractors door the required repairs timely, they may be limited in starting with someone else living there. I would definitely discuss the situation and options with your agent. Good Luck!... more
That would be one way. FHA 203K loans take awhile and the dot every "i" and cross every "t" and send people out to the house a million times! If you can afford to do that, and you can show that you have an appraisal for higher, and you are actually buying the house with already-built-in equity, you should be able to do what you are suggesting. What needs repaired? If you do a standard FHA loan, they will require that all major mechanicals, etc., are in working order, etc. (they protect themselves and buyers) If you have enough equity to cover what the costs are that you are adding into your 203K, then yes. Ask a lender (or your lender). If you would like the name(s) of some lenders who can handle these things, let me know. You can use a Home Equity Line of Credit if you have equity of any value.