DEAL DEEP DIVE - Thoughts/suggestions

[JDee Moore]

Hello BP family, 

I have a deal I'm looking into please give your input. 

• I want to use a FHA Loan to finance a spec home new construction for $470k standard ($550k with full upgrades) as my new primary home contingent on selling my current primary home
• Current Primary home appraised between $280k-$300k as-is or (ARV) $320K-$360k, 2008 build
• $216K mortgage balance
• Repair/upgrade cost $10k-$15k which includes countertops, his/her master bathroom vanity, landscaping, appliances, convert loft w/closet into a room making house go from a 3/2.5 to a 4/2.5, maybe an extended driveway and patio area etc.

My question is, my FHA Loan will only finance up to $480K, how do I finance the rest if the purchase price is higher than $480k?

Also could I use a 203K loan to upgrade my current home and create more equity to sell for a higher amount then use those profits to payback the 203K loan and the down payment on the new home using the FHA loan to finance it?

Side note: Builders/developers are in phase 5 of 7 and my preferred lot will be released in the final phase 7 and is predicted to release the final phase (7) in about 8-12 months according to their sales rep.

Thanks in advance!