View Full Version : FHA 203k Loans?

17 Feb 15,, 15:42
Hi All,

Wondering if anyone has any experience dealing with FHA. My Wife and I are looking at some low-priced foreclosed properties in our community. I figure my Dad and I did everything on his house, from countertops to windows to doors to plumbing, but why use my own money if FHA wants to foot the bill?
Plus I don't want my family messing around with plumbing or electric anymore anyways.

I figured we would get a standard FHA to allow us to do some structural work, but I'm not sure I can swing FHA paying for an Open Concept. Also, I really, really, REALLY don't want to stuck in a structural loan with an independent contractor who then hires people to do a lot of work my family can do ourselves.

My work-arounds was to get the standard FHA loan to do the structural work. Given how low the down is, I would have enough money in my bank account to do cosmetic work out of pocket. Again, not sure if that's kosher.

Anyone have any experience with these guys?