Updated about 3 years ago on . Most recent reply
FHA Loan won't cover due to outdated wiring
I got pre approved for an FHA loan and found a 4 unit building in my price range that I would like to house-hack living in one unit and renting out the other three, however due to old wiring that would need replaced my FHA loan will not work for the loan. I could go traditional loan and fund the repairs myself but it would eat into what funds I have for other much needed repairs. Has anyone ever worked with an appraiser to setup a deal to have the owner cover the cost of the repairs and then pay them the difference through my mortgage?
Not sure if this is possible. Thank you
Most Popular Reply
You need licensed contractor. Contractor bids the repairs to bring to current code. Needs to be under $35000 in general.
What is year built? What else is wrong with it? Who is your lender? Is seller going to extend you need time to get this together? Didn't your agent know this property wasn't a match for the loan?
Send me the appraisal I can give you some ideas