Combining FHA Loans

Here is a question someone asked me today...

Q. Can I get a regular FHA loan with assisted down payment with a 203k to replace carpets and paint rooms and do it in seven to ten days.

Marvin’s Answer

There is no combination of the two FHA loans. You choice is one or the other, which is either a regular FHA loan with no repairs or an FHA 203k with repairs.

As far as assisted down payment, no assisted down payments are available at this time to use in conjunction with the FHA 203k. Although, I can offer you a regular FHA loan with as little as one half of one percent (1/2%) down.

As far as the time frame, a typical FHA transaction will take at least 30 days and a 203K’ transaction will take anywhere from 30 to 60 days

Any further questions let me know.

Marvin