Short Sale & FHA loans

We fell in love with a house that was out of our price range, but a few houses away was the same exact house, in disrepair. We're very interested in the house, but it's a short sale. We found out the heating doesn't work in the house, but again, we're willing to repair it. We'd like to move forward, but we're hoping to get an FHA loan. I've heard FHA inspections are very strict. Any advice? Has anyone dealt with a FHA loan or a short sale?

Message edited 3/9/2010 4:26:13 PM.

Re: Short Sale & FHA loans

You going to need an FHA 203k

This is a great loan product- it's a rehab loan- you are going to be able to borrow the cost of the repairs- to be held in escrow and paid directly to the people fixing the heating and what else is needed (you can borrow money to redo what ever you want)

I have a great guy that does them at continental- fm me if you want his info

Same rate- same 3.5% down