I work in the area of Real Estate Notes and I work both with Seller and Buyer. For this reason I have access to funding from a private lending company that work with people that cannot receive Bank loans due to some reason. This company have several program and have approved people which other have turned away. There is no upfront cost to you.
If you will be interested to check it out and submit a request, you can contact me at firstname.lastname@example.org
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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If the home was abandoned during the construction phase (without ever having been lived in) it might indeed be difficult to find funding. If the home was abandoned during the reconstruction phase (i.e. during a rehab or remodel) but had been lived in prior to that things might be better even if the home is currently not habitable but is not a total loss.
As Sonja below mentioned, a 203K loan, which is an FHA loan that functions as both a purchase money loan (meaning the one you use to buy the home) and a construction/rehab loan rolled into one, could indeed be an option for you but it has some special requirements all its own. None are hard to fulfill, you just need to work with folks who are familier with how this loan's needs differ from a traditional FHA scenario.
The good news where the 203K is concerned is that it falls within the same guidelines and constraints as a regular FHA loan (loan limits, credit, downpayment, etc.) and it is a fixed 30 year loan with the same interest rate as its better known sibling.
The bad news is that among other things, it will require a different type of appraisal (so your appraiser needs to know how to preform the operation and how the report and findings need to be presented to fulfill the requirements), an FHA approved lender, and it will also require a different type of home inspection as well. These are not deal breakers and should not cause you to avoid investigating the possibility, (and I highly encourage you to do so by the way :-) but if the team you are working with does not know the in's and out's of this transaction it will be difficult if not impossible to end up with a happy ending for all concerned.
If you are interested, I would be happy to talk with you about your situation and to introduce you to my team of experts who know everything there is to know about how to take these transactions from start to successful finish.
I hope that helps somewhat. If you have any other questions please do not hesitate to ask. Thank you again for your question here on Trulia. I look forward to speaking with you soon.
Take care and have a great day!
Tisza Major-Posner, Realtor, IVPG Realty (909) 837-8922 or (213) 392-4084
A construction or renovation loan might work for this project. I have a great Direct Lender that does both. Contact me and I will hook you up with him directly. That way you can give him your particulars and the home's particulars and see if he can help. He also does FHA Renovations loans that require as little as 3.5% down, so if anyone, other than a hard money lender, can help you he can. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty