account to be set up and certain repairs to be made. There are certain guidelines to meet to qualify for
this loan but it may work for your situation.
Royce Ingram; Direct line: 850.207.2775
Your Loan Officer
National City Mortgage, a division of National City Bank
4300 Bayou Blvd.
Pensacola, FL 32503
apply on-line for your mortgage: http://www.ncmc.com/royceingram
I also know wells fargo does these type of loans! Check into it!
Good luck with everything!
I have had several of my short sale listings quilify for FHA mortgages, which are the hardest to qualify for in terms of condition.
Now, if you're talking foreclosed properties--those are the ones to look out for, since the banks take no responsibility for condition or disclosure on anything.
A home with water damage depending on it's severity does not necessarily disqualify it from financing. Although, the previous answer of obtaining FHA's 203k financing is probably in your best interest. Anything that is wrong with the property can be fixed through the construction part of the financing. You ARE still able to complete the work yourself if you can prove that you have the ability to do so. We offer FHA 203k financing and I'd be happy to assist you with any other questions you may have. Feel free to contact me at any time.
Joshua Lerette - The Tampa Bay Mortgage Pro
This is the best website about the FHA 203 K loan and all the requirements!
You can also buy a foreclosure or other property with this fiancing, and still only requires the 3.5% down payment.
Effectively, you will finance the cost of repairs into the purchase. From what I understand, the mortgage company does a few inspections to check that work was done correctly,but I did hear that you can't do the work yourself- you must hire contractors or have the mortgage company cut the check to the store. You can even purchase appliances with this, aswell as other repars. This is great for those who dont want to worry about repars or have the money for them!