FHA Loan won't cover due to outdated wiring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