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Clark-Fulton : Real Estate Advice

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Thu Jan 23, 2014
answered:
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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