What type of Loan do I need to buy a Fixer Upper house?
Ok I know I can get a regualr mortgage loan to buy the house. But it needs work done. Therefore, I will need more money for that. So can the mortgage company make the loan for higher than the house price? Or do I need a seperate loan? Becuase that would not be good to have to have 2 loans. Any ideas? Thanks
Oh ok I thought the house had to be in practically perfect condition for an FHA loan. at least the first house I bought with FHA was like that lol
I just looked into it and it looks like you are correct! Thanks. Are they very strict with how the home turns out like a normal FHA loan? Do u think using this will make me have to spend even more on repairing? Thanks so much!
Tagged with: becuase • fha loan • first house • house price • loans • lol • money • mortgage company • mortgage loan
Filed under: Fixer uppers Questions
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get an FHA 203K loan but you will need contractors quotes for repairs