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Buying and Selling Homes

FHA and move in ready

11 years ago

So we finally found the perfect house for us, except one bedroom and bathroom is completely gutted. That's fine with us, however we are worried about the fha appraisal. The rest of the house is beautiful and "move in ready" but will those two unfinished projects keep us from getting our loan?

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Comments (2)

Linda Doherty
11 years ago
possibly...ask your lender about an FHA203k loan
pamghatten
11 years ago
Yes, a lender doesn't want to lend on a house that is partially gutted. And I agree with Linda, if you go for a FHA 203K loan, you can include the money to finish those rooms and get a loan. These loans are not for everyone and there is a minimum amount of money that they will lend for the rehab, but they do work.
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