Home improvement loan for a foreclosed property
I am in a process buying a foreclosed home. Lone to Value ration for my mortgage 95%. I kept some cash to do the imidiate improvement. But need lot more to make it up to date. I meet the 1st time home buyer catagory but can only meet the requirement's for Govt.'s Remodel and Repair loan program. The interest rate is around 8.875% and can borrow up to 35k or 120% of the home value. Is there any other programs there which i can look into? is there any one who can advice me on this? I would very much appreciate it. thx
Apply for 203k and rehab property. Once the project is complete, refi the loan.
Not sure roti which government program you are talking about. But there is an FHA 203 loan that will lend over and above the home purchase price once certain steps have been taken. Eric May - Prosperity Mortgage (Owned by Long & Foster, linked with Wells Fargo) Tel 610-225-7456 cell 484-716-4299 email Eric.May@prosperitymortgage.com can do these loans and may be able to give you more information.
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