Can we finance an auction with FHA 203k?
Hello, I need some advice here! I found this property on auction.com and I am interested on buying it. Is in a great area and has a great location we are planning on buying it, repair it and live there for over a year we also want to rent 3 of the rooms which I think we can rent each room for $600 to $700. My question is can we finance an auction? I want to use an FHA 203k loan and how does it work because it says the bidding starts at $225 000 does that mean I have to request to my lender $225 000 plus expenses for the rehab? Or do I have to request more?
Thank you!
