Belt Auction

Won a Foreclosure home at Auction, what is the best type on financing to allow for repairs also?

We won a foreclosure home at auction. Upon completion of the appraisal, the bank denied our loan due to the condition of the home (it needs new siding but isn't terrible, mold remediation in basement, finish the current unfinished repairs throughout the home) but it isn't a complete mess. Is there a type of loan out there that will allow us to close on the house 'as-is' and get the money to make the necessary repairs? We were supposed to close on the 23rd, but we have an extension to look for another source of funding. Originally our loan officer tried for a conventional, but would rehab financing or a 203k loan be the way to go? Our lawyer recommended a construction loan which also sounded good. I don't know much about loan types and figured the kind people here would know what would be a better route for a foreclosure. Complete cost for all repairs and labor by licensed contractors should be around 20k

Public Comments

1. Hard money loan to the auctioning trustee, spend 24-7 fixing it up for a week or two, and then pay off the hard money loan with a conventional, 30 year fixed rate type of loan.
2. 203K streamline will work fine here as the repairs are less than $25,000 if the contractor can do the work and then get paid. He will get no cash till completed and inspected and then signed off by the lender I am a mortgage banker in TN
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