First FHA loan & first property

[Shawn Crawley]

I've recently gotten a preapproval letter to start looking for properties. As most other people I see take advantage of FHA I've been looking at multi-units. Been doing alot of running numbers using the Biggerpockets calculators which has been very helpful for me in analyzing deals. I think it has help me point out why some deals are still on the market. I've went to see some properties where the numbers would be good but they tended to need more work. The agent being familar people who used FHA pointed out that for some of the repairs needed FHA definitely wouldn't approve. So what should I do next?

[Anthony Gayden]

@Shawn Crawley

The agent is correct to an extent. The normal FHA loan probably is not the best product for a property that needs repairs.

There is another FHA product out there called the FHA 203K which allows properties that need work and includes those repair costs into the loan.

I hope that helps.