Posted by Brent_IL on August 29, 2003 at 23:47:14:
Your nephew may qualify for a HUD FHA 203(K) loan that combines fix-up and purchase in one loan. It is available to owner-occupiers.
http://www.hud.gov/offices/hsg/sfh/203k/sfh203kc.cfm
You may have to give him a credit in escrow for closing costs, but you’d get to keep your $9,000.
Need advice on sale, please… - Posted by SteveW
Posted by SteveW on August 29, 2003 at 21:37:19:
Home is appraised at $138,000. Needs $9000 in fix up (mostly roof and kitchen). Have a nephew that would like to buy it and has aprox. $2500. He can get the work done
for less w/ his construction connections. House will rent
for $1250 or l/o for $1350. I have the $9000 set aside
but would rather not use it on the fix up. He may be able to qualify for FHA. I need to show a lease on the house
very soon. How can I help him buy it and how should I structure the deal? Thanks!