Home Buying in College Park>Question Details

Tom Johannsen, Home Buyer in Washington, DC

Other than the 203K, what loan programs are there for fixer-uppers that allow gifts for down payments? Any without PMI?

Asked by Tom Johannsen, Washington, DC Sat Aug 13, 2011

I am buying a $140,000 home that needs some rehab. I have a $9,000 gift from my parents so the conventional loan is out. The home in is PG County, Maryland. My credit score is outstanding and my income is in the high $40s. I'm also a vet but the home will surely fail VA appraisal.

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Answers

5
Tom

I don't know if you was ever to obtain the loan but I have a program that will work for you, depending on other criteria. Please give me a call it would be worth it to find out.


Thank You
Joseph

443-303-7573
0 votes Thank Flag Link Sun Jul 21, 2013
Tom as your neighborhood Loan Officer did you purchase that home yet? And there are other options available to you as well.

Even if you made a decision please contact me so I can assist you in the future.



Thank You

Joseph A. Ray
Mortgage Broker
Branch Manager NMLS # 204912
Sutherland Mortgage Services, Inc.
10015 Old Columbia Rd. Suite B215
Columbia, MD 21046
Cell 443-303-7573
Office 410-290-6244
Fax 866-833-4210
Joseph.aliRay@SutherlandMortgage.com
http://www.SutherlandMortgage.com
0 votes Thank Flag Link Wed May 8, 2013
Tom-

There is a program out there that is sponsored by Fannie Mae called HomePath. This program currently allows a borrow to put money into a home when buying a Fannie Mae owned home. You can out 3% down and there is no monthly mortgage insurance connected to the loan. Its a great program for a client but unfortunatly its limited to what Fannie Mae currently has out there on the market. Follow the link below and you can brose by city.

Hope this helps.
Web Reference: http://www.homepath.com/
0 votes Thank Flag Link Mon Aug 15, 2011
Unfortunately, I don't believe the home will pass appraisal. It will appraise for $140K but the appraiser will make the loan contingent upon repairs of the peeling lead paint, cracked joists, stopped up sink and whatever else he/she feels like hitting on. I'm a handy man and can and want to repair all these but I cannot do it until I get the home and the sellers won't because it's as is.
0 votes Thank Flag Link Mon Aug 15, 2011
Take a look at this article. The VA Offers Loan Programs For Fixer Upper Homes. Ask about this with a local loan officer who does a lot of VA loans
0 votes Thank Flag Link Sun Aug 14, 2011
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