HUD Price vs. As-is Value

Asked by Homehunter, Brooklyn, NY Sun Jan 4, 2009

I'm wondering when HUD lists an as is value that is higher than the price of the property, does this mean that you can borrow the difference to use to fix any issues? Or why are the two numbers different? Is the As-Is Value similar to an appraisal value? Is the implication that the property is priced beneath market value. Hope these aren't too elementary. Thanks much!

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Luke Allison, , Asheville, NC
Mon Jan 5, 2009
On the HUD website, there is usually a list of repairs needed to make in order to get it up to FHA standards. Those repair costs can be rolled into an FHA 203(b) loan. The 203(b) also requires as little as $100 for a down payment. On a 203(k) loan, you can borrow additional funds to renovate the property. This is more of a renovation loan that goes above and beyone those listed repirs.

Depending on the amount of repairs you need to make, you should be able to find a loan product that meets your needs. If you need any assistance obtaining the right FHA loan, please feel free to contact me.

Luke Allison
Flagstar Bank
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