Financing in 29607>Question Details

Kadrea garnes, Real Estate Pro in 29607

Trying to get mortgage loan for a home that cost 15k and would need 15k to 20k worth of work done to it. Is that possible?

Asked by Kadrea garnes, 29607 Mon Aug 5, 2013

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Alex Greer’s answer
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options.
0 votes Thank Flag Link Mon Aug 5, 2013
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options.
0 votes Thank Flag Link Mon Aug 5, 2013
You should look into an FHA 203K loan. This type of FHA loan is geared towards homes that need renovation and rehabilitation. Usually, a 203K loan covers the cost to purchase the property PLUS the cost to have it repaired. Now this means that you must qualify for that amount. So in your case you must be able to qualify for 30-35k. But since it is an FHA loan it can possibly mean low down payment, low closing costs, and easy credit qualifying for the loan.

Of course there are other specific requirements for this type of loan, but for your scenario you should definitely consider this loan!

Well I hope this helps! If you have any more questions or if you need a loan, feel free to contact me through the information on my profile page!

Good Luck!
0 votes Thank Flag Link Mon Aug 5, 2013
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