Can you purchase a home that needs repairs with an FHA loan? How would you advise on proceeding in this case.?

Asked by Tsterdivant, Chicago, IL Wed May 18, 2011

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Wayne Beals, Agent, Chicago, IL
Thu May 19, 2011
Absolutely. Ask your lender about FHA 203K options.

Wayne Beals
Keller WIlliams
312 77 BEALS
312 772-3257
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Anthony Cava…, Agent, Jolier, IL
Thu May 19, 2011
If you don't have the cash to fix up the home after closing with a regular FHA 203b loan (the most common type), you can try for an FHA 203k loan, which will allow you to get money to make repairs, and that money will be added to the principal balance after the repair. There are strings attached here, though. You will need to get bids for the repairs, and the money gets paid to the contractors directly, so you won't be able to do the work yourself. And the theoretical value of the home after the repair must justify the extra money being loaned.
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