what are the steps involved in buying a renovated house using FHAI'm tying to buy a house I really like in the Orlando, 32825 area. Its a house that has was purchases 5/29/this year for aprox 70,000 and fixed up to resale at 125,000. the thing is counting the option to use the $8,000 to use towards down payment I can comfortably pay 12,000 down.... because I am doing FHA I was told by my Realtor that I'd have to wait until 8/30 this year to start going to the loan process for the house etc... my questions are. 1) looking at the OCPA website the house Just value is $106,000 is 125,000 too much (house is 3/2 1089 sq ft.)? 2) Do I really have to wait all the way until August to and use FHA or could I get a conventional loan at about the same rate having only proximately 10-15% to put down?3) why can't we start looking for loans now on the house? wouldn't it be best to start early and have everything ready before the 30th of august if I do have to wait that much longer?This is my very first home so any advice will help with the buying process.August 14 2009 - Orlando00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.