Seller Financing and FHA 203k Loan | Creative Financing

[J. Broham]

Hello, 

I am new this site. 

I am looking at a property that the seller is willing to do financing - however the property need a lot of work. Is is possible and/or smart to buy the home through the seller financing and then get a 203k Rehab Loan to get the repairs ? How could I structure this to work ? 

Thanks for any advice

-J

[Jeremy Taggart]

@J. Broham If you can qualify for the loan I don't see why you would need the seller financing? Just use the 203k loan and get the rehabbed home for little out of pocket. Then if it is a good enough deal you could potentially refinance out to get it on a conventional loan and then rinse and repeat.