Foreclosure in Apollo Beach>Question Details

Cathy, Other/Just Looking in Riverview, FL

Thanks to all the realtors who answered my Foreclosure question. I have one more question for you. Although

Asked by Cathy, Riverview, FL Sun Jun 15, 2008

my lender will not close on our loan due to there being no kitchen (no cabinets, appliances, countertops), a friend mentioned an investment property loan vs a conventional loan. Will this work to get the loan closed?. We own a home that we were going to rent, but we can say the other home will NOT be our primary residence. Then after we close, we can add our kitchen. Your thoughts?

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The 203 k would be they way to go. Talk to your current lender or shoot me an email and I will give you a couple names of local lenders that will handle these programs. This program is set up for your current situation.
0 votes Thank Flag Link Sun Jun 15, 2008
Take Don's advice. The FHA 203(k) rehab loan is made for your situation. The principal problem that may arise is whether the property is within FHA loan limits. Look here to see whether the property is within the limits:

https://entp.hud.gov/idapp/html/hicostlook.cfm
0 votes Thank Flag Link Sun Jun 15, 2008
Cathy I tried to call you last wee but got no answer or vociemail. You can call me or email me at your convenience.

Depending upon the value of the home you may want to look into a hard money loan. This may be a bit more expensive in the short term but in the long run it may allow you to effect the closing you desire.
Web Reference: http://www.robinashley.com
0 votes Thank Flag Link Sun Jun 15, 2008
There are a number of programs that will wrap the purchase and rehab costs into one. For example, HUD's 203(k) program: see http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm Some individual lenders can offer programs that accomplish similar outcomes, to.

However, do not misrepresent the situation or your intentions on any loan documents. Read your loan applications; a lender may have various forms of recourse if you lie on an application, including foreclosure. You don't want that.

It's always possible to rent out one of the properties for a short term (preferably a year, maybe slightly less...check with a lawyer or accountant) before making it your primary residence. But play by the rules.

Hope that helps.
0 votes Thank Flag Link Sun Jun 15, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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