FHA loan + 203 loan
Is it possible to buy a house with straight FHA loan, then do a little demo and things I can take are of ... and then apply for 203K so the contractors can finish up?
Thanks!
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Im looking to purchase my first property with FHA 203k. My understanding of the FHA 203k loan is that rehab loan portion is included in the whole mortgage upfront. I don't think you can add the rehab portion of the loan on after. I asked my mortgage broker a similar question and his response was that the monthly mortgage payment is based off the total loan, whether you've spent any money on rehab or not.