My brother was approved for 0,000 through an FHA loan, 3% down payment, he offered the full asking price for a house that is in foreclosure (9,900). Its been on the market for 3 months and the price has been lowered twice. (3,071sq ft. 4bd/3.5 on 4.2 acres)
The last owners, took all the light fixtures, all the doors, and made some holes on the walls. The property is full of garbage and overgrown shrubs, but no hurt or anything that will have to be fixed, just cleaned up.
I’ve been reading about FHA loans, and most people say that properties that need work can not be bought with an FHA loan. Is it right?
We have family and friends that work in construction, so we would be doing all the repairs.. Won’t go over ,000.
We were told by our realtor, that we would get a respond from the bank in about 5 business days…
What are your thoughts on this?
This is in central California, where most home prices have fallen by 50%
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Tags:
asking price,
brother,
business days,
central california,
doors,
family and friends,
FHA Foreclosure,
fha loan,
FHA Loans,
foreclosure,
garbage,
holes,
light fixtures,
overgrown shrubs,
realtor
Tags:
asking price,
brother,
business days,
central california,
doors,
family and friends,
fha loan,
FHA Loans,
foreclosure,
garbage,
holes,
light fixtures,
overgrown shrubs,
realtor
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