Darlenelabady, Home Buyer in Edison, NJ

Want to buy and rebuild a home in Piscataway, NJ for about 300k a) what type of loan would I need? b) is 300K enough? c) can I do this in Piscataway?

Asked by Darlenelabady, Edison, NJ Fri Sep 23, 2011

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Hi Darlene,
Yes you can certainly get a loan to renovate the home. Depending on your down payment, you will have several options. You can contact me directly and also download a full renovation guide. Go to my website for more information.
Web Reference: http://best203K.com
1 vote Thank Flag Link Fri Sep 23, 2011
One more thing: Check out this website. It will give you A LOT of information. http://www.rebuildusa.com
0 votes Thank Flag Link Sat Sep 24, 2011
With a 203(k) purchase-renovation loan you can literally tear the house down to the foundation or just remodel. It's a great program and not all lenders offer it. I've been a 203(k) certified specialist for years and can go over all of the details. You can (depending on your qualifications and the market values) go all the way up to $625,000 in most of New Jersey including Piscataway.

Hint: Don't use an ordinary home inspector. Use the government-approved 203(k) inspector and save $$. Otherwise you end up paying twice for inspections.

Ruth Bonapace
(201) 741-5269
0 votes Thank Flag Link Sat Sep 24, 2011
1) a 203(k) loan, which gives you money both to purchase and renovate. There are other options, but this seems to be the most popular.

2) possibly, depending on the price of the existing property and what you intend to build

3) most likely
0 votes Thank Flag Link Fri Sep 23, 2011

My best advice here is to talk with a Mortgage Broker. WHY? Because you will need to understand the financing hurdles befor engaging a Realtor to find the right property. The Mortgage Broker you decide upon will more than likely refer you to several Realtors that can locate the property for you. Money 1st, property 2nd, Good Luck!
0 votes Thank Flag Link Fri Sep 23, 2011
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