Home Buying in Woburn>Question Details

Sherbs, Other/Just Looking in Massachusetts

Can anyone suggest how to get financing for bank owned property with no heating system?

Asked by Sherbs, Massachusetts Mon Aug 23, 2010

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7
Sherbs call Andrew below at Salem 5. You can do it easily with a 203k and as little as 3.5% deposit. Andrew is a specialist in this area and did a great job for one of my clients! Good Luck!
Web Reference: http://www.mdmrealtyinc.com
1 vote Thank Flag Link Mon Aug 23, 2010
HI Sherbs,

You can use an FHA 203(k) loan to purchase a property, which will allow you to purchase the property AS-IS, include the cost of rehab/improvements into your mortgage, close on the transaction with the current AS-IS condition and do the work after you own the home. There are 2 versions of the FHA 203(k) loan - Standard/Full and the Streamline. Streamline version is for work <$35,000 and no structural modifications, which is what you may want to consider using. Contact us for more information. Our services and assistance to you is always FREE.

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203kContractors.comâ„¢
Contractor Directory for the FHA 203(k) Program
(480) 463-4663
Web Reference: http://203kContractors.com
1 vote Thank Flag Link Mon Aug 23, 2010
Get a construction loan or similar product. A local bank may be a best bet for you. Just did this for a client. It is not uncommon, so they should be able to help you.
1 vote Thank Flag Link Mon Aug 23, 2010
Hello Sherbs,

There is a program called 203k (rehab loan) This will solve your problem. There may also be some conventional loans that might work. Please contact me for a few mortgage referrals.

Jeffrey Carter, ABR
978 717 9015
jcarterc21@yahoo.com
1 vote Thank Flag Link Mon Aug 23, 2010
There are several alternatives. An FHA 203k would accomplish what your looking for as well as a Mass Housing Rehab loans. Some local banks have rehab products as well. A good buyers agent, will be able to recommend some providers for you.
0 votes Thank Flag Link Thu Sep 29, 2011
Either ask the bank to put it in, a rehab loan, or did you try to get the loan from the bank that already holds the mortgage? I had this happen on a property that I personally purchased and had the seller put in some electric baseboard heating which was fairly inexpensive. Then when you redo or change system you can just have the electric baseboard remain and not use it or remove it.
If you would like the name of some mtg lenders let me know.
Good Luck
0 votes Thank Flag Link Tue Aug 24, 2010
FHA 203K or Construction are the two programs available that would allow you to close on a home that needsa a heating system.
0 votes Thank Flag Link Mon Aug 23, 2010
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