We purchsed a home in Hillcrest NJ. The house was brought as is. Is there a first time home buyers grant out there we can apply for to renovate?
We love the home. It has a lot of character. My husband is a carpenter / painter, so a lot of the work (and this house need a LOT OF WORK), we can do on our own. We just need a little help with the reno. We were just so excited with being able to purchase a home, we didn't quite realize how much work it needs until now.....Any advise? All is welcomed and appreciated.
If you have already purchased the home -- with a mortgage I presume -- the 203k calculations will be very different from the formula that would have been used for a purchase and may require you to have more out of pocket cash. Depends on a lot of factors. If you want a second opinion, let me know.
There aren't any "grants" per se for this sort of thing, but by piecing together what is available you might be able to achieve the desired outcome.
Ruth Bonapace
Bank of America Home Loans
ruth.bonapace@bankofamerica.com
201 741-5269
Colleen,
Your projects seen to be a perfect match for HUD's FHA 203K rehab program. First Interstates renovation mortgage allows you inculde the cost of the Home Improvements in one new loan. The loan is based on the after inproved value of the home and in some cases can even go up to 110% of the After-Improved value. In fact I just wrote a blog all about the 203k loan. You can view it at: http://www.trulia.com/blog/Kenlazowski/2009/10/fha? I would be glad to go over the program and see just what you can quailfy fo. Just give me a call or drop me a email with questions. office # 800-999-2489@7976 Cell 908-512-1436 email KLazowski@fifcorp.com
I hope I've answered your question.
Ken Lazowski
First Interstate Finacial
425 Amwell Rd
Hillsborough, NJ 08844
W: 800-999-2489@7976
C: 908-512-1436
E: Klazowski@fifcorp.com
Web Site http://www.FIFCorp.com
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