I'm getting a great deal on a home which I will be purchasing with cash. My question is, how long do I have to wait before I can get a loan on the house for repairs and upgrades? I'm in missouri if that helps.
2007-03-22 04:37:25 · 4 answers · asked by Mic B 2 in Business & Finance ➔ Renting & Real Estate
As soon as it is titled in your name. I assume that you are going to try to flip the property. As a suggestion. Don't pay cash for the property. Keep out enough money that you think you will need for the fixup. There isn't any reason to pay for the property and associated fees and then have to pay a lot of them again to take out a loan. Save yourself some time and money.
2007-03-22 04:45:34 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
I'm not specifically familiar with Missouri law, but in general you should be able to apply for a loan or home equity line of credit as soon as you're on title, i.e., as soon as the purchase transaction closes.
You'll still have to qualify based on income, as well as the home value. But if the purchase is going to close soon, I'd start shopping now for a good loan. Good luck.
2007-03-22 11:50:46 · answer #2 · answered by Marko 6 · 0⤊ 0⤋
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2014-07-17 12:04:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
normally you have to build equity on a home in order to get a loan out on it,
but if you are going to pay for it outright, I'd ask the bank ...
i imagine there would be a period of time they would make you wait.
or you can just pay off some of the house, and keep some of the money to do home improvements!
2007-03-22 11:46:40 · answer #4 · answered by hamm42 2 · 0⤊ 0⤋