All Forum Posts by: Giganni Lopez

Right. I've worked with his loan before with my buyers. To find contractors that work with it is a nuisance. They don't like to because it has to go through several parties for approval and they are delayed in getting paid. Perhaps my experience would be different in another state...

I'm a Miami realtor looking to purchase out of state. First time home buyer wanting to use FHA 3.5% or conventional 3%. I'm finding a lot of properties in Ohio & Illinois for less than 100K. They need a lot of work which I don't mind... but don't banks require the home be in good shape in order to finance? Here in Miami, banks won't finance a house if it has a crack on roof tile. I need to know where the "line" is as I would really like to find a 75K house and finance it with as little money down as possible so that I can use most of my funds to fix it up and rent out. Thanks for your help.