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Hello we bought our first home in 2010 at $ 27,900. We put $ 1,500 down at 6% interest for 8 years. We have been paying on the house for 3 years now and owe approx. $ 15,000 on it now.

The home is in rough shape and needs a good $ 10,000 or more in improvements. Is it possible to get an FHA loan to pay the land contract off and get extra money for repairs?

2 Thoughts on Refinance a land contract with an FHA loan?
  1. Reply
    Pascal the Gambler
    February 10, 2014 at 1:09 am

    Consult some mortgage brokers. It’s possible, though you don’t want to borrow more than 80% LTV.

  2. Reply
    Beverly S
    February 10, 2014 at 2:03 am

    No mortgage lender will do that small of a loan. Minimum is $ 50,000.00.

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