Good Morning Edtheia,
How are you? Thank you for your inquiry. 203K is a renovation FHA loan that you can use to purchase a somewhat out of shape home and have a licensed and participating contractor to do the work for you as part of the mortgage package. And yes, you could use this type of loan on a foreclosure property if needed. "AS IS" on a property listing only means the bank is not fixing anything and selling in whatever the current condition of the property is.
If you have any questions, please feel free to email me at Phong.Lam@c21ag.com or call me at (267) 918-1880 and I'll be more than happy to explain everything in details for you.
Thank you for your time and have a wonderful day!
Hope that helps!
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Phong Lam, CSM
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
Business: (215) 465-1400, ext. 508
Fax: (215) 336-7793
Mobile: (267) 918-1880
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