Home Buying in Dupont>Question Details

TWhomebuyer, Home Buyer in Dupont, WA

I am looking at purchasing a home that could use some updating, is there anyway to borrow the money when I go to purchase it so I can start doing the

Asked by TWhomebuyer, Dupont, WA Mon May 17, 2010

work immediately?

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There are two loan programs you may wish to consider.

One is the Fannie Mae HomeStyle Renovation Mortgage program. The cost of repairs can not exceed 50% of the after-improved value of the home. To learn more, go to https://www.efanniemae.com/sf/guides/mtgprod/pdf/homestyledu…

The other is the FHA 203(k) Streamline Rehabilitation Loan program. You can rill in up to $35,000 in repairs and improvements into the mortgage. To learn more, go to http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm.

Both loan programs allow you to roll the costs of renovations into the mortgage.
1 vote Thank Flag Link Mon May 17, 2010
Yes, I would start by talking to a loan officer so they can give you the details on the different loan programs. Good luck!
0 votes Thank Flag Link Mon May 17, 2010
Looks like you got all your answers before I got here. Best thing for you to do is to get through the approval process before you make the offer if you can can. That way your offer will be considered very strong and you will be able to negotiate the bes price possible. Being a loan originator & an agent, I understand this very well. Call me if you need help with anything. 206-841-9976
0 votes Thank Flag Link Mon May 17, 2010
There's been some great answers already here, yes the 203K Rehab Streamline up to $35,000 is one option. Also the Fannie Mae Homepath works as a renovation loan for fannie owned properties. Either program requires a 3.5% down payment and the closing costs can be paid by the seller. In Tacoma and Piece County, first time buyers have access to several different down payment assistance programs that may help you. I could go over in detail what the specific requirements are to qualify for the funds....

Feel free to contact me with any questions. Cell 253-208-7222
0 votes Thank Flag Link Mon May 17, 2010
Good morning! I just closed on a property last week using this program.( I also suggest you go this route) It went very smoothly, my lender was so informative to my buyer and we closed on time!!! I would be happy to assist. I can get you discussing options with my lender this morning if that works for you?

Call , text or send me an email. 253-576-4304...chat soon!
0 votes Thank Flag Link Mon May 17, 2010
Wow Lou was lightning fast, but also correct. The 203k streamline is a great program and the work is done after you close on the home. I would strongly recommend this for cosmetic updating. Most lenders that I know do 203k programs and I could happily give you a referral to a quality lender if you need one here locally.
Web Reference: http://www.vahomesnw.com
0 votes Thank Flag Link Mon May 17, 2010
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