Home Buying in Charlotte>Question Details

Dawn Brainerd, Home Buyer in Branford, CT

How much of a downpayment is necessary to buy a "fixer-upper", quick sale or forclosure home in NC? Thank you.

Asked by Dawn Brainerd, Branford, CT Fri Jun 14, 2013

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6
FHA's 203k requires a low down payment of 3.5%

For more details about 203k loan, visit http://www.cfs203k.com. CFS Mortgage and RenovationReady brings together more than 50 years of traditional and renovation lending know-how. Let their team of experts help you.
0 votes Thank Flag Link Sun Oct 20, 2013
Good afternoon, Dawn:
If you are purchasing for yourself, there are many programs for first time buyers that will allow you to make a 3.5% or lower down payment. If you are an investor, there are a few specialized situations where 5 or 10% down payment is required, but most of the time, you will need 20% If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Mon Jun 17, 2013
Thank you Daniel. I am in my homework stages of this and then of course I have to fulfill my work time in the Carolina obligations in order to move forward. Living in the area and getting to know it personally is essential to making such a huge decision. I would be purchasing as a first time home buyer and the property would be for myself. I would think that my excellent credit would help, as I earned it Clearly, I want to get the best "deal" possible in this first time scenario. Many things can happen within the next few things so I will hold out and be proactive in the journey. Thank you again! .
Flag Mon Jun 17, 2013
It sounds like you are looking to buy an investment home. If so, 10% down is required. If you are going to owner occupy the house, then you may be able to put 3.5% down. You need to be aware that foreclosures or "fixer uppers" have certain defects that will not allow financing at all. In today's market, we are seeing multiple offers on these homes. Cash offers usually always beat financed offers. If you are purchasing as an owner occupant, then your best bet may be to look for HUD homes. HUD homes offer an owner occupant period and there are very few owner occupants that buy as cash.

Good Luck!
0 votes Thank Flag Link Fri Jun 14, 2013
Thank you for this great information! Home buying is always a pandora's box. I have friends that have bought fixer-uppers in really bad shape that turned out to be more cosmetic than anything too expensive or extensive (workwise). I have friends that have bought completely renovated homes, paid top dollar and found nightmares lurking behind shoddy workmanship. It is a gamble!
Flag Fri Jun 14, 2013
Dawn,

That si a broad question. Depending on the home and the work that is needed there are soem programs out there. One is a FHA rehab loan. here you put 3.5% down and finance the remainder of it plus the costs of repairs into the loan....

Another one is fannie mae renovation laon which allows you to put 3% down and finance the repairs...However; with this program you have to be buying a Fannie mae foreclosure.

both programs require strong credit and take a little while to process the loan through. You woul dhave to be patient and diligent in going through these programs.

Dave diCecco
Realtor/Broker
Coldwell Banker United
Cell:704-519-7895
ddicecco@cbunited.com
http://www.davedicecco.com
0 votes Thank Flag Link Fri Jun 14, 2013
This will depend on what type of "fixer-upper". There are programs that are 3.5% down and give you money on top to make the necessary repairs and this will include updating, not just needed repairs. Please give me a call if you have any other questions or I can help you in any way.
Lisa Revis
Southern Charm Realty
704-746-6411
0 votes Thank Flag Link Fri Jun 14, 2013
That will all depend on a variety of situations.
Please call me and I would be more than happy to discuss this with you.

George Dwight 704-661-6545
0 votes Thank Flag Link Fri Jun 14, 2013
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