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FHA/MSHDA Cash Out?

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mihousehunter Guest	Posted: Sat Jul 16, 2011 3:58 pm    Post subject: FHA/MSHDA Cash Out? Like 0 Dislike 0 I've been pre-approved for a mortgage and am in process of shopping for my dream home. My loan officer is EXTREMELY busy and I'm having a tricky time getting a hold of him over the last few days. I also don't want to waste my realtor's time looking at houses that I won't qualify for so I just had a few questions. For FHA/MSHDA loans can you purchase a home on a short sale? Also, if the home needs extensive improvements is it a possibility to get cash out at close if the home appraises well over the purchase price? Thanks so much for any help.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Jul 17, 2011 9:13 pm    Post subject: Like 0 Dislike 0 Hi mihousehunter, You can buy a home at a short sale auction and get a FHA loan for it. Whether or not you may get cash immediately at the time of closing will be the lender's discretion. You will have to contact your lender and discuss the matter with him. Thanks

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