203k questions

[Yellowboat]

So now that I actually have a w2 I can qualify for fha loans.

Any one ever done one in a state you are currently not a resident in, but will be the next calendar year?

Does the extra money have too go into the home or can you use it too build a barn?

I found a nice piece of property, that I could easily put 50% down on, but it needs

The porperty in question is 400k, but the house needs a new kitchen, bath, a roof and flooring. Both are early 70s construction and I know the hot mop is gone in the bathroom. From what I can tell it needs about 125k of which most I would do as it was my job for the better part of 20 years. I would like too put 200k down, finance 300k and use my remaining balance from the sale of my home out of state to make the diffence up and build a steel barn.

Am I even looking at the right progarm?

 

[EBT531]

You may have issues with FHA and that kind of property unless the items you wish to replace are functioning enough to pass an inspection. Unless they have changed, realtors have warned me in the past about FHA buyers due to the requirements. FHA may demand that items are in working order etc. to furnish the loan, where a conv loan buyer can say "just give me a credit etc. I'll fix it myself"

 

[LhcBrad]

Why would you get a FHA loan with such a large down? Is your credit bad? You will pay PMI if you go FHA. If you went with 20% or more down and used a conventional loan you would not have PMI

 

[Yellowboat]

My credit is 760 being self employed forever it would go up and down 100 points at any given month based on the ammount I had out. The reason for the 200k down is I want keep my house payment + taxes under 3k for a 15 year loan. 300 k is that magic number. I would rather finance that remodel vs paying out of pocket. I know it costs me more over time, but it also leaves me cash in case other things cone up

 

[sirbob]

Money is cheap - cash is king. Do a 20/80 loan & use your cash for remodel, then pay down the 15 year loan with left over cash flow. Keeping as much cash as possible in your pocket.

 

[Spudsbud]

Money is cheap - cash is king. Do a 20/80 loan & use your cash for remodel, then pay down the 15 year loan with left over cash flow. Keeping as much cash as possible in your pocket.

This !

 

[Spudsbud]

&, I may be wrong here, isn't FHA only on primary residents??

 

[ChumpChange]

Money is cheap - cash is king. Do a 20/80 loan & use your cash for remodel, then pay down the 15 year loan with left over cash flow. Keeping as much cash as possible in your pocket.

This. Money is so cheap that just a couple months ago banks we’re giving CD rates higher than previous mortgage rates. Get a 30yr for what you qualify for. Make debt work for you.