I am looking to buy a home for my mother in the Whitehaven area of Memphis. Currently the house needs some

Asked by E.b., Sterling, VA Mon Apr 21, 2008

work. Maybe 5-6K to get it in good shape. Can I borrow more than what I plan to offer for the house if it is under the appraised value?

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Joyce Medlin, Agent, Bartlett, TN
Tue Apr 22, 2008
You can do a FHA 203K loan, which is a rehab loan. You still have to put down a downpayment and they will escrow the repair monies. We spoke to a mortage firm here (they work with 140 lenders) to get this info. If you any help, please call me at 901-486-2923.
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Michelle Dos…, , Germantown, TN
Tue Apr 22, 2008
Hello E.B.,
Yes, there are still loan programs out there that will allow this. However, the days of 100% financing plus an additional amount for repairs and upgrades seem to be gone. Please consult a loan professional regarding your options. You may visit my site and click Financing for a list of highly recommended loan officers. Best of luck. - Michelle
Web Reference:  http://www.DoscherTeam.com
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