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Clark-Fulton : Real Estate Advice

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Thu Jan 23, 2014
If you're paying cash, your costs can be minimal (title fees only). If you're going to "try" to find financing on the property you provided the link for ($14,000) -- it will be difficult to impossible (unless you can find a retail bank who is offering a fixed or variable equity line of credit). That's unless too you're interested in an FHA 203k loan (borrow purchase price + rehab costs to 96.5%). Even then, depending on the after repair value of the home and the amount of repairs you'd want to put into it, it may not reach at minimum $50-$60k (even then loans are tight thanks to the new Dodd-Frank rules which limit the costs on a loan..). If I can help answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile. ... more
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