It rolls the renovations into the loan and it only requires as little as a 3% down payment in some cases.I've read a lot about the program on FHA and other sites so I understand a good deal of how it works.One thing I haven't come across is what the requirements are for being an "owner occupied property".

Then when everything is acceptable, both sign.Then the buyer makes the changes to the contract in our document assembly program and reprints the documents on the spot.

New program is effective today. Here are the details:

http://www.hud.gov/hopeforhomeowners/index.cfm

Borrowers may be eligible if (among other factors):

The home to be refinanced is a 1-unit primary residence, and...

Well, seeing as most normal buyers aren't getting approved, I would think most illegals wouldn't have a shot in hell.

We were not an FHA approved building.

I agree with Lee Common & others-Owner finance or other creative financing may take off as good people cannot be approved for a mortgage.I make no predictions regarding banks and politicians fixing anything in a logical or timely manner unless it lines their own pockets.

But look where all of the social programs started…..the Great Depression!

I have a bank approved - assignable contract on a short sale.

Having said that, in our current market approved buyers are getting more difficult to come by.

As the other poster said, start by going to the bank, without their approval, your dead in the water.Good Luck