I want to buy a fixer upper for $30K but it wont' pass inspect.. Can I get a loan on this or should I buy the house outright then loan search 4?

Asked by Steven Chandler, Pensacola, FL Thu May 5, 2011

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Steven Chand…, Home Buyer, Pensacola, FL
Thu May 5, 2011
Can I use the FHA 203 if this is an investment property? My understanding was that it was only for primary residences?
0 votes
Marge Bennett, Agent, Fort Myers, FL
Thu May 5, 2011
compare the costs and hassles, if any, of the FHA203 loan vs purchasing cash and then getting a loan. Then make an educated decision on what works best for you.
0 votes
Bonnie, , Pensacola, FL
Thu May 5, 2011
Hi Steven,
You can pay cash for it and you don't have to have it inspected or have an appraisal on it. It will also help save on closing cost. I will be glad to help you with anything. Just call or email me at bonnie.ard@mygulfre.com. I look forward to hearing from you soon.
Bonnie Ard
Gulf Real Estate Group
850-341-2252
0 votes
Diane Harmon, Agent, Cantonment, FL
Thu May 5, 2011
You can do a 203K FHA loan that will allow you to borrow more than the cost of the home and use the money to make the necessary repairs. For more information email me at dsellsdreams@yahoo.com
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