Fha loan for rehab
Hi BP friends,
I have a home that needs about 10,000$ in rehab. I purchased the home at a tax auction for around 4,000$ and once all repairs are done the home will be worth around 40,000. I am looking into some ways as to come up with the rehab money. I have heard a little about Fha 203k loans but I am not aware if you must purchase the home with the funds or if I can use the funds soley on rehab. I am very knew to this so all experience, advice, or comments would be appreciated. Also If anyone knows some better ways to obtain the funds all advice would be nice.
Happy Holidays,