my daughter is purchasing a HUD foreclosed home with an FHA 203b loan. She is getting the 5000 streamline loan, but they do have a 203b loan for larger amounts.
She needs a new furnace and a new kitchen/bathroom/garage door. AND ALL of the plumbing (copper) was stripped from the home. It does have a small mold issue in the bedroom closet.
But it is a good buy for her. 1/2 price of value of other homes in same sub. Eventually will need a new roof. Hers is typical Detroit home, 3 bedroom, small ranch, all brick, detached 2 car garage, fenced yard. But for 55,000 it is a steal! (her neighborhood homes are selling for 125,000)
Her Dad and I are helping her rehab this home. Lots of work but a great opportunity for her.
Message Edited by granny031350 on
09-04-2008 07:32 PM