Would I get an FHA rehab loan on a home with post and pier foundation in WA?

4 Replies

I am making an offer on an old home, built 1950. The foundation is post and pier. Would I be able to get an FHA rehab loan in WA?

From what I have read it depends on the lender you are working with. While 203k can be used for foundation repairs (from what I've read) some lenders don't want to deal with the headache would be my guess. 

Check with your broker! 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

I may have misread. As long as the repairs are holding and the inspector signs off you should be fine. 

Keep in mind it can be harder to sell. 

Have a basement repair company check it out. Some repairs look good but aren't done right. If you can't tell check. We had a home that looked repaired. We were going to flip it. The contractor said it needed to be redone at a cost of 10k. 

Better safe than sorry. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

I'll see if @Albert Bui  can help you with this question.  If he can't, I don't know who can!

fha 203k is for mainly cosmetic work no structural and that sounds like structural.

There is a 203 full K which can do structural work but that requires a HUD consultant review and a more involved process.

Or get portfolio construction financing at your local portfolio lender or community bank. However they don't usually provide the acquisition financing only construction after acquisition but results vary deending on your relationship with that bank.

Albert Bui, Lender in CA (#345453), WA (#345453), TX (#345453), and TN (#345453)
949-514-5106

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