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.
1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
On the financing questions I can help. Renovations can be financed through a FHA 203K loan. This rolls up the purchase and the renovation cost all in one loan. There are limits to this type of mortgage. I can walk you through it email me with questions. email@example.com
My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
Weigh your options, timing is everything. Good luck.
Good luck with your endeavor and feel free to contact me should have more questions about purchasing in Brooklyn. I have listed and sold in downtown Brooklyn for over 3 years and would be happy to answer any of your questions.
Be ready financially to be a "good buyer" by having your credentials in place.
If you hire the Realtor to represent you and your interests, she/he will provide you with good comparable information on local recent sales to give you an indication of what the true value of the co-op is.
I am not sure why city regulations would come into play in your renovations, but certain the board will...perhaps you can contact someone on the board and talk about what you are looking to do and if it would be feasible in this particular building.
You also have to be accepted by the board...they can deny without a reason.
You will also want to bring in a contractor who can give you an estimate of what it would cost to do what you have in mind.
You have a lot of research to do before you move forward. Move slowly and get all the answers first.
If you need help locating a local Realtor, let me know...I will be happy to refer you.