I just put a bid in for a house that need a FHA rehab loan. it is listed for 177000 i offered 100,000 was told that it needs about 40 grand in work.
was pre approved about 6 months ago but have been told i have to go through the bank that has the forclosure for the pre-approval.
I earn about 40,000 a year
i have about 20,000 for the down payment
about 5 years ago i had a couple charge offs but have 0 balance on all my cards now and have had them paid off for a couple of years, car and motorcycle paid off also
current scores are as follows
exp 711
equ 723
tran 711
if i understadn ohw hte loan would work if they take the bid at 100,000 the loan would be for 140,000 with 20 down?
now the question is could i go up to 120 for the bid if they dont take the 100 the loan then would be for 140. that is if i am right about how the loan works.
thanks for your help
