Update on Property ..... $60,000 max and FHA guidelines ......
I just got a message from my Lender , and found out that I qualify for a maximum loan amount of $60,000
I will be going the Conventional Loan amount of 5% down , with the standards for the house " mandatory " repairs adhering to the FHA guidelines
So what I am wondering is ..... This property " needs " a decent amount of work done to it . The thing is , this property is in a Trust , and there is a total of $52,000 that HAS TO be paid out ..... 1. The payoff of the house is $29,000 2. Three people associated with the house get a total of $20,000 3. The Lawyer Fees are $4,000 4. Closing Costs are $2,500 5. Appraisal cost of $500
So that leaves a total of $55,000 for costs , with the Max loan amount of $60,000. My down payment of 5% will be $3,000
This leaves $5,000 left over for repair costs, and by reading up on what the FHA guidelines are and what they require for a house to Pass and be approved for " liveable " condition, I will almost certainly need more than $5,000 to do all of the repairs .
Can someone shed some light please, as to how strict the FHA guidelines are , and what they will require , that Has to be done . Can I paint the inside and outside of the house, as I have been in the contracting business for 12 years ( but as of right now, I am NOT Licensed or Insured )
Just looking for some help and guidance, before I have to shell out $1,000 ( for the Inspection and Appraisal ), and knowing what I can expect to have to have fixed, and by knowing this , I can see how much more over the $5,000 I will likely need .
Thanks so much - Michael