Home Buying in New Castle>Question Details

Sonja Johnson, Other/Just Looking in Philadelphia, PA

if i purchase A REFURB HOME could i renovation with part of the mortgage loan

Asked by Sonja Johnson, Philadelphia, PA Wed Feb 18, 2009

i would like to by a refurb home and have the house renovated all with the same mortgage loan

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If you are looking to buy the home and rehab it then your best bet is an FHA 203k Loan. If you can keep the rehab loan amount at $35,000 or less than you can do the easier version called an FHA 203k Streamline Loan. This doesn't require and FHA inspector and only has two draws for rehab funds. If you would like more information on 203k Rehab loans or to apply for one, feel free to contact me, I specialize in FHA 203k Rehab loans. Feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com
I have a whole chapter on FHA 203k loans in my book Your Guide to Buying Your First Home in Delaware.
which you can find at http://budurl.com/DelawareFTHBBook

John R. Thomas
Certified Mortgage Planner
Certified Rehab Loan Specialist
Primary Residential Mortgage, Inc.
42 Reads Way
New Castle, DE 19720
302-703-0727 DE Office
302- 588 - 3665 Cell
0 votes Thank Flag Link Sat May 22, 2010
If the renovation work is no more then 35K look at the stream line 203K then you can control the money vs the standard 203K where the funds are paid to your contractor
0 votes Thank Flag Link Mon Mar 16, 2009
Hi Sonja,

You can look into a 203K loan. Here's a link to everything you wanted to know about it:

http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

If you are interested in locating lenders who do these types of loans, give me a call at (302) 540-5373.
Web Reference: http://www.jroark.com
0 votes Thank Flag Link Wed Feb 18, 2009
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