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Answers (5)
Best Answer
- Michael Patterson, "Michael Patterson"
- Contributions:110
Correct with non-arms-length transactions on FHA loans... Limited to 85% loan to value. However, one way to potentially structure the deal is if the family member is willing to "gift equity". On an FHA 203k loan, you could then go to 85% of the future value after repairs being made. If your Uncle is giving you a good deal and you're receiving an undervalued purchase price, you may not have to come in personally with the 15% down, and only the 3.5% required by FHA. However, appraisal will be very closely scrutinized. The other posts are correct as well.
- DaveAndersson
- Contributions:268
The condo must be fully FHA approved.
Here is the link to HUD's page on 203k financing -
http://www.nls.gov/offices/hsg/sfh/203k/203kabou.cfm
Here is the link to HUD's page on 203k financing -
http://www.nls.gov/offices/hsg/sfh/203k/203kabou.cfm
- Justin Kennedy
- Contributions:692
if you plan to buy from a realitive, you need to make sure you are limited to 85% loan to value for an identitiy of interest transaction; without knowing the intended repairs or improvement, it will be impossiable to determine if you looking for a full 203k or 203k streamline program. the 203k streamline being non-structural repairs and lower fees (cost consultant not required) some of the repair items maybe inculded into an EEM (energy efficent mortgage) thus allowing you to qualify at a higher loan amount. I do not orginate in WA, these questions would be a good place to start and asking them will allow you to determine the knowledge of the loan officer. good luck!
- Chris Potter, "Loans in WA"
- Contributions:6
First thing is the condo FHA approved, if not there is a a 'Spot"approval that can be done. Other then that the 203k can be approved up to $30,000 for improvements. Check out my profile, I only lend in WA and have been at it for over 10 years. Where in WA are you buying ?
- Tucker Mullen, "tuckermullen"
- Contributions:127
If you need some assistance, I am a local agent who can help you out! I can also point you in the right direction with where to get a 203k loan. Check out my profile and email me if interested! Good luck! :]
203k lender also tell me the amount I can get approved for in WA state? Buying Condo From Uncle.
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