The seller do not want to do the repairs because he live out of state.
2006-12-01 18:05:51 · 5 answers · asked by Al 1 in Business & Finance ➔ Renting & Real Estate
not on Yahoo. the question is intended to solicit a loan?
2006-12-01 18:15:32 · answer #1 · answered by Anonymous · 0⤊ 1⤋
As already noted FHA has the 203(k) loan and yes, they can be complicated and many lenders do not have a lot of experience with them, because until recently they were quite complicated. Recently though, they created something called the "streamlined" 203(k) for home that need less than $35,000 in repairs. It is a nice product and quite easy to apply for and use.
If that doesn't work, look into convention "rehab" loans.
While FHA and VA usually lead the way with innovative products, the conventional lenders are usually not too far behind in finding non-government loans that are competitive products with less red tape.
2006-12-02 18:26:32 · answer #2 · answered by triad_historic_homes 2 · 0⤊ 0⤋
Yes, FHA has a rehab loan program, FHA 203(k) Rehabilitation loan programs allow you to purchase or refinance your home and include the cost of repairs and improvements! The mortgage amount is based on "as completed" value as opposed to "as is" value.
2006-12-02 02:28:00 · answer #3 · answered by ALEGNA 3 · 1⤊ 0⤋
Yes you can - FHA 203(k) for houses that need repairs over $5,000.
FHA 203(b with repair escrow) for houses that need less than $5,000 of repairs.
Find a lender that is familiar with it though - it's a bit complicated and I wouldn't want someone learning on my loan.
2006-12-02 08:57:55 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
Alegna is correct. I find in my area that many lenders do not want to do 203K loans. It means more work for them as they have to manage the money in rhe 203K account and verify the work done to the house.You might have to keep searching until you find a lender willing to do it.
When you do find one, make sure they have done a few of them. You don't want to work with someone who is doing it for t he first time.
2006-12-02 03:20:36 · answer #5 · answered by txrealestateagent 3 · 0⤊ 0⤋