Home Buying in 45157>Question Details

Debbie Holla…, Home Buyer in New Richmond, OH

We need help getting the process started to purchase a home that needs rehabed.from getting a loan to purchasing it. Can you please help us?

Asked by Debbie Holland, New Richmond, OH Sat Mar 9, 2013

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Answers

4
You can do an ARM loan on the property and refinance it when you have had time to get the repairs complete. Much lower cost than an FHA loan.

Dave Price NMLS 718117. Guardian Savings Bank-Cherry Grove 513-528-8787
Member FDIC and Fair Housing Lender
0 votes Thank Flag Link Tue Jan 7, 2014
Mary Gardner-Smith, Residential Specialist
RE/MAX On The Move
513-766-3800 Direct & Fax
Mary@MarySellsCincinnati.Com

Debbie, a 203 K FHA Loan is your best choice to purchase a home to REHAB. You can obtain financing for all general work and renovations that need to be completed as well as updating the bathrooms and kitchen including all new appliances, etc. A new garage can be included as well. This loan is really awesome and more and more people are currently taking advantage of this type of financing.

You were 100% correct in needing a Lender as well as a Real Estate Agent to assist and guide you to home ownership. I know of several lenders that offer the two different types of FHA 203K Financing with a low down payment and rate. Please contact me and I will be happy to recommend at least three Loan Officers who will assist with your 203K FHA Loan financing.

I would love to help you find your way home by representing you step by step with the purchase of a home with 203K FHA Financing for a REHAB. Please do not hesitate to contact me via e-mail or telephone. I would love to speak to you.
0 votes Thank Flag Link Wed Mar 20, 2013
Debbie,

Are you looking to finance the rehab that you plan to do on the home into the mortgage? If so I have a program designed just for this. A 203K loan will allow you to take advantage of todays low rates not only to purchase the home but also for the renovations. Not all lenders offer these programs. For more information feel free to contact me. My email address is MHelpling@RapidDayton.com. I look forward to speaking with you!
0 votes Thank Flag Link Tue Mar 12, 2013
Debbie,
You need to meet with a lender that does FHA 203K rehab loans. There are two types and you need to make sure your lender is experienced with both. The streamline loan limits the funds for your rehab to $35,000. These are more readily available and the funds can be used for just about any work in the house, including appliances.
If you need more that this, a full rehab loan will provide whatever you can get, based on the finished value of the home and what you buy it for.
0 votes Thank Flag Link Sat Mar 9, 2013
thank you,can you refer us to anyone?
Flag Sun Mar 10, 2013
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