FHA REhab loan–does seller have to pay the costs of rehab?

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HA rehab loan–does seller have to pay the costs of rehab?
I just got an offer which the person is approved for an FHA rehabilitation mortgage. I believe its for someone who needs it for wheelchair access. Do I get sucked up with the cost for the ramps, railings, etc for the person to get my house. Right now I am not desperate to sell my house via fha rehab. My house is in great condition.

I have bad credit and bought a rundown property and fixed it up over time. I used my own money in financing the purchase of the property and have no mortgage. Is it possible for me to get an home equity loan for this property? its market value is around $ 120,000 and its assessed value is $ 50,000. Thanks for any input.

7 Comments
  1. Reply
    knowitall
    February 17, 2011 at 8:04 am

    The person with the rehab loan pays the rehab fees.

  2. Reply
    Common Sense
    February 17, 2011 at 8:08 am

    Sellers don’t pay for anything if they don’t wish to.

  3. Reply
    Rita Gibbons
    February 17, 2011 at 8:20 am

    No – the seller does not pay the cost of rehab.

    The FHA 203k loan is rehab financing – which is a government backed loan. This type of financing is for rehabilitation of the property and must need a minimum of $ 5,000 in repairs. This type of financing has nothing to do with handicapped persons. Since this handicapped person has this type of financing, I assume they need this type of loan in order to change the house to accommodate their handicap.

    With this type of financing, the buyer provides the lender with a contract showing how much the renovations will cost (to change the house to accommodate his handicap) plus the purchase contract. Say the cost of the renovations are $ 10,000 and the cost to purchase the house is $ 100,000 – the buyer borrows $ 110,000 (less 3.5% down-payment as required by FHA guidelines). The buyer purchases the house for $ 100,000 and you close.

    The purchaser then has their contractor make the repairs/renovations to the property and payment for this is from the “second loan” – once the property is completely repaired, the two loans are rolled into one loan.

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    February 17, 2011 at 9:16 am

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