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FHA 203k Loans?

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  • FHA 203k Loans?

    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?
    "The great questions of the day will not be settled by means of speeches and majority decisions but by iron and blood"-Otto Von Bismarck
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