Once again I am tapping into the vast cornucopia of knowledge that is MFK. My fiancee and I are about to buy a house and have pre-qual-ed for an FHA loan. We have 2 houses we are looking at, 1 has been on the market for a week and there is 5 other offers already on it. This is pretty much a dream starter home (1,600 Sq/ft, remodeled interior, nice lot, good neighborhood, only 85k when the tax value is 116k... god I love housing crises). Our realtor told us this is a perfect house that investors would look at, and if that is the case, there is still a good chance we are going to get it.
JUST in case though, we have a back up plan. This house is older (build date '78) but is still a nice house on a huge lot. It just needs some... love. Seeing the 1,400 sq/ft size and the 60k price tag (tax value 96k), I'm willing to dump some love into it. We were going to suck it up and charge all the repairs on my credit card (it has a lower interest that our mortgage!... I mean, The CC has that good of interest, not the mortgage that bad of interest) but then I read about the 203k program with FHA loans.
Finally, my question. Does anyone know of the specifics involved in this program? I know it's where you roll over anticipated home improvement costs into your actual mortgage (which we are willing to do) but past that I do not know. Any knowledge and input will be greatly appreciated.
JUST in case though, we have a back up plan. This house is older (build date '78) but is still a nice house on a huge lot. It just needs some... love. Seeing the 1,400 sq/ft size and the 60k price tag (tax value 96k), I'm willing to dump some love into it. We were going to suck it up and charge all the repairs on my credit card (it has a lower interest that our mortgage!... I mean, The CC has that good of interest, not the mortgage that bad of interest) but then I read about the 203k program with FHA loans.
Finally, my question. Does anyone know of the specifics involved in this program? I know it's where you roll over anticipated home improvement costs into your actual mortgage (which we are willing to do) but past that I do not know. Any knowledge and input will be greatly appreciated.
