Need advice!!!

[Makenzi Kurvits-Statum]

So I currently live in Roanoke Virginia, and this upcoming summer I'll be moving to Florida to be with my girlfriend for 2 years as she completes final years of PA school. I was thinking of buying a foreclosed house and getting a FHA loan fixing it up for the 2 years we are here and selling it. I was wondering if y'all think it's a good idea? And any advice you all can give me, thanks ahead of time and look forward to hearing from yall.

[Ben Roberts]

Makenzi Kurvits-Statum To get an FHA loan you have to intend to live in the property and it's going to have to pass an FHA inspection. In my experience, these are a little more thorough than a typical hoke inspection. My realtor advised me, many times, not to look at fixer-uppers because she knew the FHA folks in the area wouldn't pass the house based on the amount of work they needed. We ended up buying one that was out dated, but otherwise other wise perfectly livable.

You might want to consider an FHA 203(k). It's a mortgage and construction loan together. I looked at two different properties that needed a LOT of work and found a local lender who dealt with these. The problem I ran in to was that investors who were willing to pay cash were also scoping out those properties. I lost both to cash buyers.

FHA is a great way to get in to a home and you should definitely give it strong consider just do a little research first, talk to realtors in the area, and lenders. Make sure you're dealing with folks who how to navigate all of it.