Home Buying in Albany>Question Details

Zena, Home Buyer in Albany, NY

how the foundation to building and roof will i be able to get agrant to fix the house?

Asked by Zena, Albany, NY Thu May 28, 2009

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The loan you are looking for is a 203K. They can tell you what is involved as well as tell you the exact amounts you can finance. You may also visit http://www.hud.gov and type in 203K under the search at the top of the page. Locally in Albany the banks that are most familiar with this are First Niagara, Home Funding Finders, and several others.

You can also visit http://www.fha.com to learn about energy efficient mortgages but for structural issues you would need to do a 203K.
Web Reference: http://www.hud.gov
0 votes Thank Flag Link Tue Jul 28, 2009
There is a rehab loan through FHA called a 301K which would allow you to puchase the home and finance improvements. It is detail intense but certainly worth it if you find the right deal. I think they loan up to the finished (rehabbed) value, plus 7%. For a total amount of 107% LTV.
0 votes Thank Flag Link Thu May 28, 2009
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