At least four of you asked the same questions of me yesterday or some variation so for clarification:
--- Yes, I do qualify for an FHA as the rules states you can't have bought a home in 7 or more years
--- Yes you can qualify for an FHA loan after a short sale, 3 years is the waiting
--- A 203(k) is a 110% loan allowing you to cover the mortgage AND any repairs needed
--- The property must need at least $5000 in repairs and can be as much as an entire rebuild or redevelopment of the plot
--- It was created to get rid of foreclosures and/or to update aging homes in neighborhoods where they want to get rid of eyesore homes
--- I don't know what kind of rate I will qualify for but at least it's worth a shot to try
So there. When I get back from my next trip I will go speak to the mortgage lender, see how much I pre-qualify for (if anything), and then take it from there. We found one that we like about 12 minutes from where we are right now but that's just from the outside. We don't know anymore about the inside or anything else right now. It looks like it's being used as a rental property.
Taught my class, worked on docs, B went for a haircut, ate dinner, went to bed. Lifestyles of the fat, poor, infamous, and boring. Is Robin Leach even still alive?
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