203 FHA renovation loan for a property I own outright?

[Account Closed]

Hey BP,

I have been looking everywhere for more information on this strategy. I am in the process of buying a REO property cash. Problem is the property needs about 40k worth of repairs before it is at its full potential. Comps in area are selling for twice the all in price currently. Anyways if anyone knows the official guidelines of using the 203 fha loan to fund repairs on a home that is already owned by one's self the info would be greatly appreciated!

[Bryan O.]

@Account Closed there are pages of results if you search online for FHA 203k refinance. Give it a try! From HUD's site, their 203k page has another program that may be even better for a paid off property called Title 1.