Financing in Chandler>Question Details

Cmdr701, Home Buyer in Chandler, AZ

Financing options

Asked by Cmdr701, Chandler, AZ Fri Jan 22, 2010

Greetings. I am currently looking at purchasing an REO in Chandler. It has an incomplete pool in the backyard. What are my options for financing the house and the completion of the pool? I know the 203k loan doesn't allow for new pools but this is only sort of new and it could also be considered mitigating a safety hazard since it will fill in a giant hole in the backyard. Any thoughts on this or other options?

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Jeffrey Masich’s answer
Dear Cmdr:

Hi, the FHA 203K does allow for pool updating and refinishing. It all depends on how much of the pool still needs to be completed. Would recommend you phone several sources. I have some if you need them.

The REO's are a good idea so don't rule out a foreclosure property. This is a great time to buy. As you probably know, the $8,000 tax credit has been re-instated for first timers or those that have not owned in three years. There is now a $6,500 Tax credit for existing homeowners. Additionally if you do purchase a foreclosure property, free grant money (up to 22% of the purchase price) is available if you live in the home for periods of 5, 10, or 15 years. This makes inexpensive homes already, even more affordable. The free grant money is available through the state of Arizona. See the link for "Free Grant Money" at: http://www.arizonahomesland.com/forbuyersorrenters.php

Also, if you are thinking about a Fannie Mae owned home, there is no PMI, 3% down with good credit, no bank appraisal and they have the Homepath renovation financing for fix up situations.

If I can answer any more questions or show you some homes or land, feel free to give me a call. I would be pleased to help you.

Jeff Masich, Realtor®
Arizona Homes and Land
480-556-0940
JeffMasich@ArizonaHomesLand.com
HomeSmart Real Estate
Web Reference: http://ArizonaHomesLand.com
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