Home Buying in Gardner>Question Details

Rick Kempf, Home Buyer in Essex, IL

What do I need to know about rehab loans and where di I start to get one?

Asked by Rick Kempf, Essex, IL Sun Sep 14, 2008

I found a home for sale for 38k,(or best), it needs 20-25k in repairs ( its been gutted, owner was going to rehab mut was transfered to another state. floor panels, drywall and electrical need installed) Im a carpenter and this is all easy stuff for me to do. i need a loan for me and the wife. her credit is fair to ok and mine poor (divorce). who can help with this in illinois and what should i be asking them? acording to all payment calculators with escro id be paying less than i am renting for now. wife has job at hospital but my income is cash from ebay and I stay with the kids. am I screwed?

let me know



Help the community by answering this question:


best bet is a fha 203k program. contact a local and trusted loan officer, stay away from th einternet lenders. they shoul dbe able to guide you to the loans you qualify for. good luck with your purchase rick
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Sep 14, 2008
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