Home Buying in 61108>Question Details

Kristopher G…, Renter in Rockford, IL

Looking at options to buying a fix up house is it possible to add money to upgrade and fix in the mortgage?

Asked by Kristopher Gillette, Rockford, IL Sat Dec 1, 2012

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Answers

6
Hello Kristopher,

The 203K is a great idea however it is not capped at $35,000. If it is above $35,000 you would need the assistance of an FHA consultant. This is a great program to buy with becuase you can make the house a home and you dont have to provide the funds to repair the home. You can do almost anything except you must keep the original foundation. The biggest item is to make sure you are getting a deal so that the after rehab value is what will be borrowed against the home. Technically you can borrow 103% of the after improved value. Good luck in your purchase.

Steve Smither
One Mortgage INC.
Senior Loan Officer
847-942-5151 Cell
847-963-1000 Office
ssmither@ardain.com
1 vote Thank Flag Link Fri Feb 15, 2013
Good Morning Kristopher,

The product you are looking for is a FHA 203K. 1st Step Mortgage is located in Rockford and offers this product. Please contact me at the below email/phone to get more information.

Good Luck,

Nick Nelson (NMLS#384413)
1st Step Mortgage Group
815-289-0880 - Cell
nickn@1stepmortgage.com - Email
0 votes Thank Flag Link Tue Dec 4, 2012
Kristopher,

Yes, it is possible. There is a HUD program called a 203K which has a limited version of up to $35,000 and a full blown version up to the FHA limit in your area. There is a Fannie Mae program as well and some local banks have limited versions of this as well to add in fix-up costs into the loan. Find a local lender who is familiar with these programs and knows which one will work best for you. Good success with your project.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Dec 1, 2012
Hi Kristopher,

There are many HUD owned properties that can be purchased at an incredible price, and also offer funds for repairs. Lenders also offer programs that will match your needs. As a buyer's specialist, I would love to work with you to find the fixer upper you desire, and assist you in financing options.
Give me a call anytime.

Leslie Varisco
Keller Williams Realty Signature

815-218-0896
ldvarisco@gmail.com.
0 votes Thank Flag Link Sat Dec 1, 2012
Yes you can,but the repairs have to be specified before the contract is finalized. Those repairs will be all the bank will finance. They will not give you any money that is not accounted for in the contract
0 votes Thank Flag Link Sat Dec 1, 2012
Yes I work with a lender who has a great program for that exact scenario. Feel free to contact me and I can get you her number.
Adam Guarino 8154941011.
0 votes Thank Flag Link Sat Dec 1, 2012
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