Lisa Cline

Hi Lapcas,

I agree that you need to speak with a reputable and reliable mortgage Rep. who will be able to guide you in the right direction. I am not Lender, so I do not know if you would be able to qualify for a mortgage with your work history and salary or not. Unless you are paying cash, lenders are going to be looking for current paystubs, your last 2 years of income tax returns, your LTV and your FICO scores in addition to whatever other required docs they may need.

Now, although the home would not qualify for an FHA loan, due to the condition it is in, you, along with the property ,may in fact qualify for an FHA203K REHAB loan. This would allow you to close on the property and then do the repairs afterwards. The bank would not require a final Certificate of Occupancy prior to closing, allowing you to close the loan, work on the house then have the mandatory FHA required inspections as each phase of construction is complete. Check with your lender to see if this is an option for you if you do qualify for a mortgage.

You would need to bring out a licensed, insured contractor to evalute the property and provide you with a written estimate for the work. Once you have the total amount of the cost of the repair work, you would add that to the price of your offer. Just make sure your agent does the comps for you as the property does still need to appraise at the total price of the loan.

Paying cash may be a great , hassle free way to go if you are getting a very good deal on the property and the repairs will add a substantial value to the home.

Good Luck!

Lisa Cline, Sales Associate
NJAR, Circle of Excellence Sales Award, 2008
Weichert Million Dollar Sales Club
Certified Internet Sales Specialist
Weichert-Freehold Top Salesperson Award, 2008
Weichert-Freehold Top Producer Award, 2008
Weichert-Freehold Lead Network Specialist Award, 2008

Weichert Realtors
Freehold, NJ 07728
732-577-0440 x115 Office
732-763-5211 Cell
lcline@weichert.com - Tue Sep 22 2009, 20:20