Financing in White Plains>Question Details

Carl Irving, Home Buyer in White Plains, NY

How can I go about purchasing a foreclosure that needs repairs without having to do a 203k which is going to cost me more next month?

Asked by Carl Irving, White Plains, NY Mon Mar 4, 2013

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Ok, so if the house you have in mind needs extensive repairs (new roof, new boiler, new drywall, kitchen or bathroom etc.) then yes you'll need a 203(k) or you'll have to purchase cash. But if the house has a few tiles missing, maybe it needs a light fixture or something minimum, we're able to do a conventional loan and hold money on escrow for the repairs so that you avoid the costly 203(k) loan. It all depends on the condition of the property and what you're looking to get done as far as repairs and/or upgrades. Go over this with the Loan Officer you're working with and see what your options are.

If you need a Loan Officer, in always available. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
5 votes Thank Flag Link Mon Mar 4, 2013
This is frequently a problem with the purchase of a foreclosure. If it is a problem with a certificate of occupancy you will have a difficult time. Banks don't like to close on properties that are technically not legal to occupy. If it's a matter of repairs like a roof, boiler etc, you might get a bank to finance if you can show you have funds to make the repairs. You would have a hard time finding a bank with the plan of fixing up the house as you have the funds. The don't want to end up foreclosing themselves. If there is a mortgage plan that will work for you, Matt Jablonski a mortgage broker will probably know about it. I've seen him find loan programs for just about anything you can think of. You can find him at http://www.mortgagemaster.com/mjablonski/

Good luck!

Don Mituzas
Licensed Associate Broker
Douglas Elliman Real Estate
http://www.donmituzas.com
http://www.nyhomeseller.com
0 votes Thank Flag Link Wed Mar 20, 2013
Carl,


If repairs are needed, a 203(k) loan is definitely an good option, but there are more avaiable. It's very important that we discuss the repairs needed along with an overall snapshot of your scenario. I work with many lenders which will allow for various options. I'd like to help you determine the best approach so please contact me at your earliest convenience.


Kindest regards,


Paul F. Marzolla
Loan Officer
(201) 957-6768
pmarzolla@unvmortgage.com
0 votes Thank Flag Link Mon Mar 4, 2013
there are many options without using a traditional 203k. There is a simpified loan program that still requires inspections but is very simple. We have inspected homes in westchester that have used this type of financing.
0 votes Thank Flag Link Mon Mar 4, 2013
What is your loan officer suggesting; are the repairs within your budget....
0 votes Thank Flag Link Mon Mar 4, 2013
The only other way is cash. Sometimes if homes have too much damage foreclosure or not it doesn't matter banks will not approve the loan. Are you interested in foreclosures? There are homes available that do not need much work.
You can contact me if you need further info.
Jennifer Zucco
(914))562-7575
j_colicino@yahoo.com
0 votes Thank Flag Link Mon Mar 4, 2013
The only other way is cash. Sometimes if homes have too much damage foreclosure or not it doesn't matter banks will not approve the loan. Are you interested in foreclosures? There are homes available that do not need much work.
You can contact me if you need further info.
Jennifer Zucco
(914))562-7575
j_colicino@yahoo.com
0 votes Thank Flag Link Mon Mar 4, 2013
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