Texas. I am currently living in a condo who the owner financed. I have a Contract for Deed, and only a 5 year note. I'd like to finance it myself (if my credit has improved enough) and the owner wants out as well. I only paid (with contract) $23,000 for a small condo that is worth $47-$49,000. I really need to do some improvements (tile, carpeting, new cabinets, etc). I feel it will appraise for at least $42,000. Is there anyway besides the HUD/FHA 203K to finance with the mortgage extra monies for repairs or remodeling? I have heard that the 203K is very difficult and can get expensive. Is it okay (legal) to buy/finance the condo for more than the sales price and keep $5-$10K for remodeling? I have heard both yes and no, but would think myself that it would not be legal. Any comments would be greatly appreciated.
Thank you, LuckyFish
Thank you, LuckyFish