Home Buying in Malden>Question Details

Tk, Home Buyer in Woburn, MA

MassHousing Purchase and Rehab loan

Asked by Tk, Woburn, MA Wed Mar 20, 2013

Verbal pre-approval amount: 300k for duplex
Area looking: Specifically Malden, Medford, Woburn, Stoneham and surrounding.

I am looking to get into a duplex using Masshousing P&R loan. I was pre-approved for duplex of 300k and waiting for a pre-approval letter. Since I am single and limited on my income I think its best that I get into a duplex and rent out the other units to offset some of my mortgage; which would allow me to still 'survive'.

I am very realistic and know that duplexes, in those areas, under 300k are usually in need some extreme rehab and I am willing to go through with it since the benefits will pay off in the long run. However, I feel that I am having a difficult time with lenders and realtors taking me serious with what my plans are.

Anyone have any experience/feedback using MassHousings Purchase and Rehab loans? Maybe lenders, contractors or Realtors with that focus?

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Answers

5
Hi Tk,
Thank you for your reply. Please Email me directly at wen@wenrealty.com to discuss your goals offline so i can learn a bit more and see how i can help you (our representation is free to all buyers) . Looking forward to it.
0 votes Thank Flag Link Wed Mar 20, 2013
What is it about your plans they are not taking serious? I would be happy to discuss your plans and may be able to shed a little light on what the resistence may be.

Thank you for the vote of confidence Rich I appreciate it.
0 votes Thank Flag Link Wed Mar 20, 2013
Honestly, I am not sure. Is there a contact # where I can reach your or one of your team members to further discuss my plans?
Flag Wed Mar 20, 2013
Hi Tk,

You have an understanding of the math.
You may need to study up on the landlord part if they aren't taking you seriously.
Lenders like sure deals, so if you are going to learn how hard it is to be a londlord with their money, they are going to look more closely at the loan.


I would contact a local real estate professional to help with this answer and to save time and money.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Wed Mar 20, 2013
The masshousing p&r loan has its Income Limits and Purchase Price Guidelines but this is another program that they offer and that some may not be familiar with. What is your time frame for purchasing? email me at info@wenrealty.com if you would like a broker to assist you in these areas.
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Wed Mar 20, 2013
Hi Tk,
Email me directly at wen@wenrealty.com to discuss your goals offline so i can learn a bit more and see how i can help you (our representation is free to all buyers) . Lookin forward to your ema
Flag Wed Mar 20, 2013
I would like to start searching asap; but I would like to get something in June.
Flag Wed Mar 20, 2013
Talk to Andrew Adams at Wells Fargo.
0 votes Thank Flag Link Wed Mar 20, 2013
Ill give him a search, thanks
Flag Wed Mar 20, 2013
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