Buying a house with FHA loan that needs repairs?
I am wanting to purchase an REO home. I have been approved for an FHA loan. The home I’m looking at is in need of repairs. I have the cash for these repairs. (roof, carpet, minor plumbing and electrical work) My question…will the FHA inspection cause me not to get the loan even tho I have the cash to fix the problems?
Tags: Buying, House, Loan, needs, repairs
2011/09/04 at 21:20:54
You need to do the construction loan.
FHA will not approve a loan based on plans to repair. The house has to be pass an inspection and be legally inhabitable immediately upon purchase.