You could purchase the house with cash and then get a hard money bridge loan to pull out equity for the repairs. Once finished with the repairs, you could refinance with conventional lending and pay off the hard money loan or simply sell the property.... more
Call 888-531-1119 they seem to be the best source to answer FHA approval questions, I believe they are located in CA. So keep that in mind when calling. I find it wierd that you where told that you cannot get approval...I have a 2 unit condo and we just did...the company whose number I am giving you does approvals nationwide so if anybody is going to know I would think it would be them.... more
There is a lot that goes in to this... nothing to complicated but Phillip responded it depends on several variables. I can't tell you if 3k is enough b/c we dont know the value of the project as a whole; among other factors.
I can tell you that I recently refinanced someone in the Logan Sq area where their building has 3-units and their reserves where significantly more than 3k... this isn't an apples to apples comparison... of course but we'd need more information to really give you a better answer.
Since your post was a while ago - can you tell us what happend here?