FHA Loan that also includes repairs?
My father is wants to sell me his home for the cost remaining on his mortgage, 95,000. The Value is around 225,000. Would I be able to take out an FHA loan for around 140,000 so that I could make some repairs on the home? by coryM2397 from Rochester, New York. Nov 22nd 2010
Donald LaPlume (dlaplume)
#6 ranked lender in New Hampshire - 47 contributions
Yes, if you choose to do an FHA 203K rehab loan you would be able to accomplish this. There are restrictions as to what and how much can be done but it is a great opption for you. Thnak your Dad as this is a wonderful way to get started in home ownership.
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