Asked by Bluesky, Boston, MA • Wed Nov 24, 2010
A two-family has been on the market for about 90 days. It's in a very good greater Boston location, price is significantly below market value. Essentially it's been in the same family and the interior hasn't been touched in decades. Exterior is in excellent shape. Biggest issue is that the two furnaces need to be replaced and the electrical needs to be seriously upgraded. Bathrooms and kitchens are very basic but liveable in the short term. My question is if you go for a 203k loan, can you get pre-approved for that? Does it take so much time that one could lose the window of opportunity to present an offer? Is the seller likely to not want to sell to someone with this kind of mortgage? Is it more advantageous than a regular FHA loan? The downpayment is "gift" money so I understand FHA is the only way to go until the money gets transferred.
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