Can I get a combination loan at closing on a bank owned property?

If you want to buy a bank owned property and use financed funds to rehab the home your best route is a 203K. However you will need to wait until a full 36 months since the property was title back into the Bank's name, Nov of 2013 before you can enter into a contract to purchase a home and apply for FHA financing.Thank you. Carlos Eliseo 561-2532-1552.

FHA 203k is your best option.

As mentioned by the other commenters - there is normally a 36 month time requirement from the time the property was recorded as going back to the bank. There may be a possible shortening based on specific hardship situations. Your best bet would be to find a local licensed mortgage professional there in Jacksonville and have them work with your to determine whether that would work in your case. The FHA 203K would be the best program for doing renovation on a home - and the loan value is based on what the appraiser believes the appraisal will be when the work is completed.You can use the "Find A Lender" tab above, and then check them out at: http://www.nmlsconsumeraccess.org/TuringTestPage.aspx?ReturnUrl=/Home.aspx/SubSearch to verify they are still in good standing (click on the box, put in the text information, click "continue" and then you will reach place where you can put in loan officer's name.

You are going to need to wait until after November 2013 before you can get a home loan again because of the Deed-In-Lieu. Technically, yes, you can get a HELOC right away, but in reality, it makes no sense. The maximum combined financing of two loans is going to be 90% of the appraised value. A much better route to go is with an FHA 203k loan... www.JoeMetzler.com/fhaloans.htm

The work will have to be planned out, as part of the loan process. You will need to use FHA approved contractors/suppliers. The loan will be used to: 1) pay off the previous owner; 2) provide some of money for the supplies; and then 3) pay the contractors. Usually, there will be a holdback of some of the funds, until the appraiser has completed the final review and satisfied the lender that the work has been completed in professional manner, and appropriate permits were pulled.Be aware that there are limits to the amount of funds one can use to upgrade, and that has to cover the costs of the planning required.

Unfortunately, you will not likely be able to float the loan the four months for the renovation. Here is the best scenario I can think of -- 1) you close the deal about the 4-10th of the month. Now the first payment isn't due for 1 2/3 months. The bank has the payment due at that time for what you paid out for the purchase - and immediate up front materials costs. The next payment goes up a bit to cover any additional funds that have been used to move construction forward. Renovation concludes -- and the next month - after all the bills are paid, you make first of the regular mortgage payments. Assumes bank allows the first couple payments based on funds drawn.