2007-09-04 09:55:23 · 5 answers · asked by anocentelli1 1 in Business & Finance ➔ Renting & Real Estate
hopefully there is enough equity in the property to let you refinance it! or talk to the lender about the increased value of the proeprty if you brought it back to it's former glory!
2007-09-04 10:01:25 · answer #1 · answered by helprhome 5 · 0⤊ 0⤋
With a rehab loan. Washington Mutual offers these as well as several other national lenders as a First Horizon Home loans, I believe, Suntrust.
The property is appraised using plans and specification to determine the estimated completed value and the loan is based on that amount.
A General Contractor must be in charge of the project (no owner/builder)
Funds are disbursed as the project progresses.
2007-09-04 10:02:49 · answer #2 · answered by mazziatplay 5 · 0⤊ 0⤋
You're going to want to do a search for "hard money lenders" in your area.
Normal mortgage loans don't allow repair money on top of the sales price, but hard money loans do.
2007-09-04 10:07:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you can get a rehab loan on the value it would have once upgrades are completed!
2007-09-04 11:21:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Save it, or get a home equity loan or refinance if you have enoujgh equity.
2007-09-04 10:06:20 · answer #5 · answered by Judy 7 · 0⤊ 0⤋