FHA Loans...Did anyone fix up the house before they moved in to get the loan?>

I am looking for your thoughts...

Re: FHA Loans...Did anyone fix up the house before they moved in to get the loan?>

if the house needs alot of work...NOT just cosmetic there is another type of FHA loan you can get called a 203k

this would give you the money to fix the house as well

it's a process but I have a great loan officer at contineal that does them

ETA- the house would be fixed before you moved in- you can even borrow a couple of mortgage payments to cover you while you fix the house

Message edited 12/21/2009 8:30:11 PM.

Re: FHA Loans...Did anyone fix up the house before they moved in to get the loan?>

we did an FHA loan and the house needs a total interior update.....We only have one kitchen cabinet in the existing kitchen and the flooring through out has to all be replaced...not even remotely livable as it is not. We had no problems with the FHA inspection.

Re: FHA Loans...Did anyone fix up the house before they moved in to get the loan?>

we couldn't get the FHA loan that allowed to bundle in the renovation costs to the house. That loan allows you to buy the house, get estimates on how much it will costs to fix it and then have the bundled into your loan.

our standard fha loan we had to fix the house before closing and it was a PIA. We had to power wash the house - repaint, fix termite damage, etc. We had to pay for it and get the work done because it was sold as is. It delayed us getting into the house for months. You must verify with your bank on the loan and the requirements.

Re: FHA Loans...Did anyone fix up the house before they moved in to get the loan?>

Thank you so very much!

Re: FHA Loans...Did anyone fix up the house before they moved in to get the loan?>

we had a minor issue, our back door steps needed railings.

Since the house was sold with a deck, but the deck was unsafe and needed to be torn down, we came to an agreement with the seller. They tore down the deck and installed railings for us.