Tara Fransen, Home Buyer in Covington, GA

i found a house for 60,000 dollars but needs 50,000 in work. what kind of loan can i get.?

Asked by Tara Fransen, Covington, GA Mon Dec 19, 2011

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Answers

8
Hi Tara,

There are some renovation type financing programs available. They may vary from state to state a bit. It would be best to check with a local lender to see what programs are available near you. Sometime a standard construction loan can be done as well. Check with your Banker. Have a great day!

Mark Meissner
Sales Associate
ERA Landmark
Bozeman, Montana
1 vote Thank Flag Link Mon Dec 19, 2011
203K, from any financial institution.
0 votes Thank Flag Link Mon Dec 19, 2011
Tara

Dee Dee has spoken ... LOL she is correct , and the only problem I have is the actual cost of the repairs. I think you need to really look at the numbers as you do not want to be underwater by paying to much for repairs

Do a 3 bid system before you look at the numbers, and make sure they are licensed and Insured

Happy House Hunting

Doug Dickie, Property Manager, Realtor
Zenith Realty, Inc
904 215-0676
904 568-7080 Cell
Web Reference: http://Zenithrealty.org
0 votes Thank Flag Link Mon Dec 19, 2011
Tara, A FHA 203K loan may be your best bet. You can contact my corporate office in Virginia for a referral to a experienced mortgage professional.

@Rob, your answer is only correct is that the property must be owner occupied. A Streamlined 203K is limited to 35K; however, the only upward limit to a full 203K is the FHA loan limits in the location of the property. Unfortunately, myths and misnomers about loan products really abound on the advice columns...usually from non licensed individuals.

Best of luck in your search, Tara. Please talk to a mortgage professional about your options for financing.
0 votes Thank Flag Link Mon Dec 19, 2011
Tara,
The FHA 203K is the option I would use. Not sure if 5th 3rd Bank is in your area but they do that program in the Jacksonville area.
Good Luck!
0 votes Thank Flag Link Mon Dec 19, 2011
Hi Tara,

As indicated it depends on the type of financing that is available for your purpose. Would recommend that you speak with a mortgage advisor which I could recommend one. Then choose another to correlate the info. to make a decision.
All the best and Merry Christmas
Charlie
Charlie Chorman - REALTOR
Coldwell Banker Vanguard Realty
904-571-1358
yourrealtor@att.net
0 votes Thank Flag Link Mon Dec 19, 2011
Tara, There are a lot of considerations in the loan program you can and should use. More than likely you would look first to an FHA 203K loan. It is a low down payment program that allows for escrowing the funds for improvements. There are some limitations as to the work that can be done. You need someone with experience to help you work thru the financing and the purchase. It appears the home may be in the Jacksonville (Julington Creek) area. I have 30+ years experience in the real estate market and lived most of them in the Mandarin/Julington Creek area. I also have about 50 home rehabilitations under my belt. I would be glad to be of assistance to you. Just call me - 904-477-4622, or email me - jsachs48@gmail.com and i'd be glad to help. Jerry
0 votes Thank Flag Link Mon Dec 19, 2011
Good Afternoon Tara

It depends on the type of repairs needed as to the type of loan as well as your ability to qualify for the different loans available for the home.
0 votes Thank Flag Link Mon Dec 19, 2011
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