Updated 3 days ago on . Most recent reply
Fixer upper loan
Second time poster here, attempting to purchase a new home for the family and I. House needs work and doesnt qualify for a conventional load because of incomplete projects (bathroom needs put back together etc.) Can afford to keep current home for the time it takes to make repairs and got pre approval for an FHA 203k loan, turns out my contractor is a "conflict of interest" since I know and work for him. The "FNMA homeslye" loan has the same stipulations. Do I just need to find a new general contractor to try and get ontop of scope of work ASAP or is there another loan option yall can think of? Have an accepted offer and supposed to close in 30 days! Oh was avoiding the "fix and flip" loan since id have high interest and need to do a second closing (plus costs) upon completion of work. Thanks!