Damon, Other/Just Looking in Southfield, MI

Are there any public funds available to a homeowner of a foreclosed property for the purpose of repairs?

Asked by Damon, Southfield, MI Thu Dec 4, 2008

I am purchasing a foreclosed home. This home will be my primary residence. Is there any way I can receive public funds in an effort to handle some of the repairs that need to be done to the home?

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Answers

6
Absolutely Damon! We can offer you a renovation loan that would allow you finish the home renovation. I am a renovation specialist with Wells Fargo Home Mortgage.


Will Addo
Wells Fargo Home Mortgage
404-375-7819
0 votes Thank Flag Link Sat Dec 6, 2008
Damon,

If there are no grants available through the city or County, you may want to try one of the MSHDA products http://michigan.gov/mshda/0,1607,7-141-49317---,00.html You may have to qualify.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Fri Dec 5, 2008
Check with your city. Some cities & townships have public funds available for housing rehabilitation. The funds are typically available based on need. Your city would be able to give you the details on the requirements. Since it appears that you are currently purchasing a property and have qualified for a mortgage you may not meet the income requirements for public funds.
Web Reference: http://www.MInextHome.com
0 votes Thank Flag Link Fri Dec 5, 2008
Dear Damon,

There is also a portfolio loan program offered by American Bank & Trust in Chicago (chartered in Iowa) that is a really nice a slightly less cumbersome alternative to the FHA 203K program (which is an excellent option for owner occupied rehab funding). However the program that is being offered by American Bank & Trust can be funded (money disbursed to your rehab contractors to perform or after they've performed their work) within 30-45 days as compared to the typical 90 days or so for FHA 203K loans. If I were you I'd contact Jesse Oliveros with American Bank & Trust at 773-793-7111 (cell) or at joliveros@ambankqc.com. Good luck.

Sincerely,

Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
1634 E. 53rd St. 2nd Floor Chicago, IL 60615
773-418-0640 (mobile) 312-577-0985 (fax)
Christopher.thomas@sothebysrealty.com
Web Reference: http://www.myagentchris.com
0 votes Thank Flag Link Thu Dec 4, 2008
Damon,

If you're purchasing a new home that needs repairs under 30K ,including appliances, you should look into an fha 203K streamline mortgage. I'd be more than happy to discuss it with you.

Loren T. Yates
VanDyk Mortgage Corp.
734-207-1059
lorenyates@yahoo.com
Web Reference: http://www.fhalowrate.com
0 votes Thank Flag Link Thu Dec 4, 2008
Are you using an FHA loan? There is a FHA loan product called the $203k loan. Here is the link: http://www.fhainfo.com/fha203k.htm for your review. This is basically a loan for rehap on top of your purchase price. Your mortgage broker should be able to provide you with more info on this. Good Luck!
Web Reference: http://www.beachbunch.com
0 votes Thank Flag Link Thu Dec 4, 2008
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