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Are FHA Rehab Loans a good deal? What are the conditions and pros and cons? Any and all anwers and opinions are greatly appreciated. Best regards to all.
They are a great loan program if you want to purchase a home that doesn't meet FHA minimum property standards (and you'd include the repairs that would bring it up to meeting them), if you want to buy a home that already meets FHA minimum standards and you want to do further improvements, or if you want to refinance your home to do improvements. The pro's are that you can finance the repairs into the new mortgage amount, the con's are that the interest rates are slightly higher, closing costs are slightly higher, and often it takes a little while longer to close (a week or so) which may turn sellers off if you are using that type of financing to purchase their home.
http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm is plethora of information on them.