This is a bank owned home selling for less than market value. The problem I foresee is the home has been vandalized and needs some repairs before being occupied. My borrowers have the funds to make the repairs but does not want to do the improvements until they own the home. The loan amount is too high for an FHA 203 rehab loan.

Is there a program or lender that will fund this deal with the property as-is if the borrowers have a contractor agreement and escrow the funds for the improvements?

We would like to put as little as possible down so they can use their additional funds for the rehab after purchase.

How do I get this done?

Thanks!