[BastardinO]

...Loan? My wife & I are trying to buy a foreclosure and want to fix it up. We both have bad credit, so we coudln't get a house on our own even though I make enough money to get the mortgage. I am fixing my credit, but it won't be fixed in time in the next 2 months to get a house. We found a co-signer, but the mortgage broker said we can't have that because our credit isn't high enough. So, my dad is taking out the mortgage and we are told we should get an FHA 203K loan and then he is going to do a quick deed right after, so I become the owner of the house. The mortgage broker said it is hard to get this type of loan these days and the real estate guy said it's not. I had some questions if anyone has personal knowledge or experience with this stuff. 1. Will I qualify for the tax credit because I am doing a quick deed after or not?2. Someone said there is a limit of $35,000 for repairs on a home with an FHA 203K loan, so if I buy the house for $40,000 and my mortgage was for $70,000 do I have to spend every penny on repairs? If there is extra, can I keep it until something goes wrong like a basement leak or the furnace breaks?3. I was also told that you have to get in writing from a licensed contractor for the repairs etc., but they have to be willing to be delayed in payment? How is this so because I thought after you get the mortgage, you get a check and you pay the contractor?4. The taxes on this house are very high, and people said to appeal to the city, but I heard this usually doesn't mean they will lower the taxes. Why don't they make the property tax off the price you pay and what are the chances they will lower my taxes? Thank you to anyone who can help on this subject matter.Ok, maybe I am confused about the deed thing. The real estate agent said that if he signs the deed over to me, I will be the owner of the house, he would just be responsible for the mortgage. Obviously, I would pay the bank or pay him every month, but according to below, this can't happen? My real estate agent must be confused.