Financing in Memphis>Question Details

Kelvin, Home Buyer in Memphis, TN

Is it possible to combine THDA down payment assistance with the FHA 203K loan to purchase and rehab a REO/Foreclosure?

Asked by Kelvin, Memphis, TN Thu Dec 9, 2010

I would like know if it is possible to have any equity in the property after the rehab is compete.

Also I would like to know if there are any lenders/brokers in the Memphis area that can help
with this type of deal.

I currently have a 696FICO, and I also have VA eligibility.

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Vanessa’s answer
No, we cannot combine the thda and the 203k loan. Like I said earlier though, we do both so please contact me and we can see which way you prefer to go. If the repairs are extensive, you most likely will want to pursue the 203k loan.
Vanessa Bintz
0 votes Thank Flag Link Tue Dec 28, 2010
We do the 203k loans and the THDA loans. I am not sure if you can combine them but I am checking for you. On teh 203k loan you must have a minimum of $5000 repairs to roll in and you must get a licensed contractor to do the work. You cannot do the work yourself. If we cannot combine the loans the minimum down payment is 3.5% which is very reasonable to be able to get into a home and to roll the repair costs into the loan.

Vanessa Bintz
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0 votes Thank Flag Link Tue Dec 28, 2010
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