financing to rehab REO for personal use

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Seriously considering purchasing an REO property for our primary residence, problem is it needs a lot of work. I am already pre-authorized at my primary bank for mortgage considerably higher, but they are telling me I would have to wait 3-6 months to apply for equity or construction loan (and clearly no guarantees we would get it). We would need work done before moving in. How can I get a loan that would include money for the work or a 2nd loan to cover those costs? I believe price is too high for FHA 203 rehab loan. We have good credit and up to 20% down payment. Any suggestions on who might do this type of loan. Need something soon, so we don't miss our opportunity. I'm in CA if that makes a difference.

Thanks for the help.

How much money do you need for the work? Could you put less down and use that money for the repairs then refi to get rid of mortgage insurance? Max out your credit cards and repay when you can refi or do a HELOC? 203k rehab loans are usually the way to go if you can qualify for them. I am not sure what the maximum dollar amount of house that will qualify for the 203k.

Deena for a 203k lokk at the County loan limits. Subtract the purchase price from the max amount and that would be the amount for renovation a 203k will go up to.

http://www.fha-loan.org/fha-loan-limits/fha-loan-limits-in-california/