As a loan officer able to do loans in all 50 states if you don't have anything in judgment on your cr and have a score of at least 57*
you can be approved for a home loan.
Doing the loan the way your describing is so much more complicated than what it needs to be.

I would be happy to guide you through the process even if you do not use my services.

that will not work either. See once dad buys the home it is his. Now a quit claim deed recorded in the court house will trigger the due on sale clause in his deed of trust so that is out. No you will not qualify as a first timer if there is a family transfer. Yes you must spend the cash on repairs as the file must contain contracts for the repairs. The funds are es crowed at close and when he thinks he is done then the appraiser comes back out and inspects them and then send the new report to the lender who then will release funds to the contractor. Appeals are done and most are never heard with deaf ears. The county wants the tax revenue

1. No, your father will have to sell you the house, the lender will not let him just deed it over to you. The bank will not allow the deed to change hands until the mortgage is completely paid off. You will not qualify for the credit buying from your father. I am clueless why you think you will qualify to buy after he buys it, your credit situation will not change.

2. There isn't a limit, but this will work like a construction loan, there is no keeping any money.

3. You get the checks after each portion of the contraction has passed inspection. There is no money in advance.

4. All this depends on the city and state. There will be two assessments, one before and one after improvements. This is standard whereever you are.

just make sure you get a set interest rate

It will only lower your payment a tiny amount, if you can't afford a 30 year mortgage then get a less expensive home.

40 years…i haven't even been alive that long..just think..the year will be 2049…are you gonna be alive, much less wanting to live in that house…how much interest is that?
i woudn't go for it..u could always refinance later …we all saw where 30 year mortgages got us…what the hell makes banks think 40 yr mortgages are better??

what's wrong with the world today
better yet, what the f*cks wrong with ppl these days.

You are blessed if you can get a fixed rate mortgage even at 40 years. I had a friend who paid extra every month and asked that the extra amount be applied to the principal. You'd be surprised how much sooner that mortgage will get paid off when a homeowner does this.

Well the reality is that most people move after 5 or 10 years so the only reason for the longer mortgage is to get a lower mortgage payment. If you get it, go for it. You may find that you keep it for a few years then refinance into a shorter one when you can afford it.