Auction foreclosure purchase and renovation success!

[Jessica Hood]

This was my second 203k renovation, but first foreclosure purchased through a HUBZU auction.  Won her for $93k.  With the 203k renovations, the loan was about $107k.  Lucked out by getting a new water heater for free when it fried out and had THREE days of warranty left!  Wind storm came through and damaged the shingles, so my insurance company just put a new roof on her!  I have not yet had an official updated appraisal, but the Realtor and bank preliminary assessment said that we should expect a final value between $160k and $180k!  This is our owner occupied home, so we have been taking our time and are still finishing things.  It has been a wonderful experience and I am ready to do it again!  She was my "ugly duckling" turned into a swan!

[Jessica Hood]

@Jay Hinrichs Oh trust me, I was well aware of the 1 year requirement before I went into the FHA 203k. In fact, my mortgage guy made it very clear in the beginning and again about 5 months in while we were discussing options. It wasn't until about a month ago that he said something has changed regarding that rule. I debated the matter with him, but he was quite insistent. I guess we will need to look it up to know for sure.

Thanks!!