Asked by Adriane Lilly, Atlanta, GA • Sun Apr 5, 2009
for renovations? I know that you are eligible for $14,000 for down payment assistance and renovation costs, but what if the home you are looking at needs much more work? Does the underlying FHA loan allow you to borrow more (assuming you are pre-approved for more than the asking price of the home itself)? Specifically, we are looking at a home for $150,000 and know that we are pre-approved for closer to $200K but we don't have a down payment. So if we use the NSP, can we still get up to $50,000 for additional renovation costs? It seems that all of the foreclosures in the areas we like (Decatur, Oakhurst, etc.) are in pretty rough shape. Thanks!
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