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Answers (6)
- Mark McClurg
- Contributions:22
Hi terristillwell,
The Streamline FHA 203k program allows up to $35,000 of non-structural renovations to be included in the mortgage. One bid from a licensed contractor is all that is needed for what you are talking about doing. The renovations are completed after closing. Excellent program.
Call or email with questions.
Mark
The Streamline FHA 203k program allows up to $35,000 of non-structural renovations to be included in the mortgage. One bid from a licensed contractor is all that is needed for what you are talking about doing. The renovations are completed after closing. Excellent program.
Call or email with questions.
Mark
- Tiffany Lewis, "Tiffany Lewis"
- Contributions:68
- Larry Oats, "larryoats"
- Contributions:2
FHA allows for a loan that will pay for repairs after closing from a title compnay established escrow account. you take smem bids on the work, accomplish the fix up and any additional funds are applied to the principle of your note.
Let me know if you arre interested and we'll run some numbers.
Larry
Let me know if you arre interested and we'll run some numbers.
Larry
- terristilwell
- Contributions:2
The gameroom and a stairwell leading to the gameroom. No estimate yet as I just found the house two days ago. I have only viewed the exterior & through windows, but plan to view the inside this weekend. Thank you for any advice.
- Todd Kimball, "Todd Kimball"
- Contributions:339
Well you can also take out an FHA loan with a repair escrow attached to the loan. Which means that you will have to get 3 estimates on the cost of the gameroom to finish. Then you can take out a repair escrow for the highest amount. Once you have closed you can have the game room finished and then the costs are deducted from the escrow account. Any amount left over from the escrow not used is applied toward your principle. I have a good lender that offers that type of FHA loan. Call or email me and I will give you that information.
- Clay Branch, "Georgia Loans"
- Contributions:7820
What is the estimate to finish the gameroom and is that the only thing needed or more improvements?
Can someone educate me on options for purchasing a foreclosed home as 1st time hb? No FHA, repairs.
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