My hubby is about to be released from his seasonal job, so he would have the time to work on home, however, we would not have his income available to pay for the necessary repairs out of pocket while he is unemployed (it will be approx 3-4 months)
2007-10-21 12:45:12 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
FHA has a program called a 203K that will loan you the money needed to make the repairs on the home as long as you qualify for the mortgage payments.
2007-10-21 13:04:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You might not be able to get a mortgage. The owner may carry a contract or do a rent to own but where will you live while you make it habitable?
Before you can really live in a house you need running water and electric, a toilet that works is a major plus. You could stay in a camper in the driveway until you can live in the house. Campers have all the basics like bathrooms and kitchens that work but if you don't have a way to dump sewage you will need to go to a dump station every three days or so. If you don't have electric you will need a generator.
What would it take to make the house habitable? Once you can live in it you can work on upgrades over time as you can afford them. Your husband should find a job for the winter and work on the repairs on weekends until you can afford to spend more.
2007-10-21 19:52:12 · answer #2 · answered by shipwreck 7 · 1⤊ 0⤋
To my knowledge you have to provide proof income to obtain a mortgage. From what I can gather you husband is the only income for your family ? I would suggest that he get another job be there a few months apply for your loan and go from there. Unless you have alot in savings I don't see that you have many options. Good Luck !
2007-10-21 19:56:06 · answer #3 · answered by kiersysmom 2 · 1⤊ 0⤋
What about your income? Would you be applying for a loan, jointly? If you have a secure job, non-seasonal, it should help. File for the loan, jointly and rely on your income, too. It will make you both look more reliable and secure.
2007-10-21 19:59:44 · answer #4 · answered by Susan N 5 · 0⤊ 0⤋
Rapid Funding out of colorado has exactly what you need. They do a rehab loan for properties based on the future value after the improvements
2007-10-21 20:15:22 · answer #5 · answered by rukidden99 3 · 0⤊ 0⤋