First Time Home Buyer

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Alexander Bowman
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FHA Loan won't cover due to outdated wiring

Alexander Bowman
Posted Sep 23 2022, 07:49

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

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