2006-12-10 15:51:11 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes. There are a variety of ways to do this. If you're buying it to live there, try FHA 203(k). You need both a Realtor and mortgage company that know how. There are two appraisals. The first to make sure it's worth the purchase price and the second to make sure the total cost will be less than the fixed up value.
The repair money will be held in escrow and paid out to the contractors as they finish each part of the job. (the lender won't just give you the cash at closing and hope you spend it on the house.....)
There are also similar conventional loans, in case the project exceeds FHA loan limits. They work about the same.
VA does not do these....
2006-12-10 16:05:01 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
I believe there is a 203 k loan. However, it is for certain types of properties HUD homes; you should consult your loan officer. I was looking into become a "flipper" as well but it there are alot of costs involved. The best way is to have either available cash reserves or put down the money and get a HELOC against the equity you have in the property. You could get cash back at closing but, it is illegal.
2006-12-10 16:01:38 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋
Probably not -- a mortgage company is only going to want to extend financing for what the home is actually worth (that's why they require a professional appraisal.) If you have substantial collateral elsewhere, then they would loan more than the home is worth. Or, if your job situation is very stable and you are earning a significant salary they might loan extra as well. But in most cases, the answer to your question is, "No."
2006-12-10 15:56:10 · answer #3 · answered by pilgrimchd 3 · 0⤊ 0⤋
in the beginning are you procuring the abode and fixing it as much as sell or are you going to apply it as your commonplace place of abode? There are remaining expenses no count in case you pay money or get a private loan. there will be a identify seek to confirm if the valuables is unfastened and sparkling or if there's a cloud on the identify. continually, continually have a house inspection it is an in improve fee for you yet quite nicely worth it. it quite is frightening yet once you already know the way the technique works it takes the guestimate out of the equation. in case you ought to comprehend greater you may continually e mail me.
2016-10-14 10:41:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Absolutely! You can get either a goverment HUD loan, or a construction loan, which will be based upon the finished value of the project. Good luck!
2006-12-10 15:59:12 · answer #5 · answered by irish_giant 4 · 0⤊ 0⤋
Yes. Talk to your loan officer. There are programs including an FHA program that is pretty good for just that purpose.
2006-12-10 15:55:31 · answer #6 · answered by Chrisusc 2 · 0⤊ 0⤋
yes...get pre-approved by your bank...then look for a house that you want. As long as the inspection passes, you should be able to borrow up to your approved amount. For example...If you're approved for $200,000...and you find a house for $150,000...you should still be able to get the extra $50,000 for repairs and updates as long as your loan is approved and the house passes inspection
2006-12-10 15:56:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes you can.
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2006-12-11 11:47:40 · answer #8 · answered by help me refinance 1 · 0⤊ 0⤋