FHA 203k loan on a Freddie Mac short sale - anyone make this work?
Has anyone ever had a buyer use an FHA 203k loan on a Freddie Mac Short sale? I am questioning whether the FM guidelines will allow the excrowed funds for repairs. The way I see it, if the buyer makes a $300k offer intending $30k to go for repairs and $270 for the actual purchase of the property, the investors are going to want the entire $300k. Anyone with any experience to share?
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Permalink Reply by Valerie Pressley on
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When you make an offer on a property with 203K financing, your offer is for the purchase price, not the combined purchase price and repair costs. Only the mortgage reflects the total cost. But why are you doing a 203K with a short sale? It takes longer than 30 days to get a 203K loan completed and the bank typically gives only a 30-day period to close after short sale approval. Might be a tough thing to accomplish.
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