Asked by Canaan Zeigler, 66226 • Tue Dec 18, 2012
I am trying to make an offer on a house that has some structural issues. I have a conventional loan through Capitol Federal. The buyers agent for the property insists that I need an FHA203K loan due to the structural issues. Lets assume the house is 100,000 and I have 50,000 cash. I would make a down payment of 20,000 and get a loan for 80,000. Lets assume I get an estimate for 10,000 to make repairs. Capitol Federal could hold 10,000 in escrow while I make the repairs and then I would get the 10,000 back upon completion? Is this correct? This house is a foreclosure.
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