Financing in Overland Park>Question Details

Nathaniel, Home Buyer in Overland Park, KS

How should I go about getting financing?

Asked by Nathaniel, Overland Park, KS Tue Jan 20, 2009

We are first time home buyers and we are wanting to get a fixer upper property with some equity in it so that we cand do some renovations or upgrades. How should I go about getting financing?

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Nathaniel, sounds like you are close to finding the right home but it has a few repairs to be made. Are you familiar with a 203k loan? Are you planning on doing the repairs themselves. The reason I ask is because I want to be sure that the lender that I refer you is the right person for your situation. I am happy to talk to you over the phone if you are comfortable with that or you can email me at info@davidvannoyjr.com

Look forward to talking to you soon.....

David Van Noy Jr

PS, you can call me at 913-287-4663 at 3:30 today
0 votes Thank Flag Link Sat Mar 28, 2009
The agents say it well -- another aspect of your renovation financing involves getting your lender's appraiser to agree that your improvements equate to a new value. Be sure to talk to your lender about your plans and what they will allow. A buyer's agent can also help you and can usually tell you which lenders are best for contractor loans, construction financing, or home improvements. An important consideration is improving your fixer upper within the value parameters of your neighborhood -- it's amazing how your first renovation can surprise your budget of money and time!
0 votes Thank Flag Link Tue Mar 3, 2009
Nathaniel,

Our recommendation is to begin by taking the position of collecting information on the financing aspect of purchasing a home. We suggest meeting with several loan specialists in an effort to not only identify the best rates and programs but to understand with clarity what they mean to you.

Be sure to request explanations for programs and terms you are not familiar with and ask each loan agent for a "good faith estimate" that will explain their rate quote and program offered to you.

Best regards,
Susan & Bill Eckler
0 votes Thank Flag Link Tue Jan 20, 2009
Contact a mortgage broker become approved for a home loan work with realtor who can locate a home with equity. Regarding home improvements at your expense,
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 20, 2009
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