Home Buying in 02148>Question Details

Christinamar…, Home Buyer in 02148

Conventional loan for a house in need of repairs, but liveable?

Asked by Christinamarie, 02148 Tue Aug 10, 2010

The house (short sale) I want needs a little bit of work on the floor (carpets need to be ripped up), walls patched in areas.. there is water damage in a small area from central air and also in the sunroom addition, but the house is liveable and all the usual expensive things were updated in 2004 (roof, siding, H/w heater). Can I get a conventional loan or do I need to get a 203K or Homepath mortgage? I would say there is under 5K of work.

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I HAVE A CLIENT PURCHASING A 2 FLAT WITH A FINISHED BASEMENT APARTMENT,THE CONVENTIONAL APPRASIAL IS REQUIRING THAT THE KITCHEN BE REMOVED,IT IS A SHORT SALE, ALL SHORTS ARE AS IS ,THIS PROPERTY IS IN GOOD CONDITION,THE KITCHEN IS THE ONLY HE ASK THAT THE KITCHEN BE REMOVER FROM THE BASEMENT APARTMENT.THE BANK ARE NOT DURING ANY THING ON A SHORT SALE.IT IS NOT THE BUYERS PLACE TO DO ANY WORK BEFORE HE CLOSED ON THE PROPERTY,THERE ARE NO REPAIRES NEEDED.
0 votes Thank Flag Link Fri Jun 14, 2013
203k loan is designed for home repairs.
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
0 votes Thank Flag Link Sun May 26, 2013
Thanks! We applied for the conventional loan through USAA and everything is fine on our end, I'm just a little worried what the appraisal could indicate and if the lender would deny our loan based on the house needing too much "cosmetic work" .. if so maybe we should just try for a reno loan.. but I would rather do the conventional loan first...
0 votes Thank Flag Link Wed Aug 11, 2010
I would start with your lender. Go to your local bank and see for which loan you would qualify. Remember short sales take a long, long, time and only 30 percent of them go through. Keep your eye open for other properties.

Good luck and warm regards.

Christine M, Moran.
0 votes Thank Flag Link Wed Aug 11, 2010
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