Financing in Little Rock>Question Details

Infoseeker, Home Buyer in Plaquemine, LA

What is best way to buy fanniemae repo mountain vacation home needing redo with minimum down. *))PLUS credit all scores.

Asked by Infoseeker, Plaquemine, LA Mon Aug 30, 2010

We have found a small vacation home in a resort area which is a fanniemae repo but all the copper is gone and the CH/A and carpet etc. We have A credit and excellent incomes so we would want to redo with cash over a period of a few months and legitimately use the hosue as a second home.. What is the best way to finance with minimal down. We would be willing to use a remote mortage agent who has a program for a no drama deal. We can pay cash if push comes to shove but do not want to exhaust our nest egg given the times LOL.

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Answers

4
Hope Path offers 97% LTV loans, however the rates for having such a high ltv are horrible.
Your best option would be FHA or USDA with 3.5% or 0% down if the area qualifies.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
skype: napleshomes
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Tue Aug 31, 2010
Chris was right on the mark. Fannie Mae HomePath financing has a renovation program. Get with your agent or the Listing Agent on the property and they should be your best guide to a reasonable solution.
0 votes Thank Flag Link Tue Aug 31, 2010
Hi Infoseeker,

Fannie Mae has special financing for their properties thorough their homepath program. Visit http://www.homepath.com/

Good Luck!
Chris Blasic
Realty World & Associates
0 votes Thank Flag Link Mon Aug 30, 2010
You qould to check with your lender, there are loans out the specifically for this reason. Email me and I can put you in contact with a lender who works with buyers who want to take on this type of project. I would love to help! Amanda.butler@crye-leike.com
0 votes Thank Flag Link Mon Aug 30, 2010
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