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Can I get cash back funds with FHA or VA?

Can I purchase a home with FHA or VA and get funds to add on an second level to my home? by Pattybell1665573 from Reno, Nevada. Apr 16th 2018 Reply


Phil Georgiades (phil@fedhomeloan.org)
#985 ranked lender in California - 18 contributions

With a VA loan, this is generally not allowed. Some lenders will allow this but there are very few who will. FHA has a specific loan type called the 203k that will provide funds for construction or repairs.

Apr 16th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,333 contributions

No.. this is never allowed in the way you describe, but there is a loan through FHA called the 203K rehabilitation loan that will work. This is where you apply for a loan based on the home after improvements... supported by 2 appraisals, a before and after.. and contractors bid's on the work to be preformed. You close, and then the contractor has so many day's to complete the project.. with an FHA consultant and lender verifying the progress. VA has something similar, but it's near impossible to find a lender willing to do one. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 17th 2018
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