We are pre-approved on another FHA loan and found a house we absolutely like. But, there is some work to be done on the outside of the house (foundation on the corner, filling in holes, etc) that we had quoted at 00. The house is being sold at less than we are approved for, but the loan would not be approved because of the hurts. Would the 203k loan be what we need to get the house and what is the process?
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I would chekc with your mortgage company. We had a situtation in the home we were buying in October that the pipes had broken and we were buying "as is" so we didn't reckon the seller (a bank) would fix the problem. We looked in to the 203K loan to find that every majopr mortgage company we talked to no longer offered the 203K loan or any other "rehab" tyope loan. Is this work so terrible that it would not pass the FHA inspection? We finished up getting a FHA loan (the bank fixed the plumbing as they wanted to sell it) and were told not to worry about the FHA inspection they just wanted to make sure that it was safe to live in, had working plumbing, heating, etc.