Buying a foreclosed home in Wyncote, PA that needs some serious TLC.

Asked by Ygyabaah, 19095 Fri Aug 3, 2012

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Home was recently appraised for $250k. I made an offer of $180k and the bank came back with $210k final offer. I have a pre-approved FHA loan for $210k but need about $40k - $50k for the rehab. The bank (seller) wants to close buy Sept 17th 2012. What should I do in terms of financing the home improvment?

Thank you,

YG
ygyabaah@gmail.com

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2
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Sun Aug 5, 2012
Hello ygyabaah,

What you need is an FHA 203k rehab loan. They are a lot of paperwork and should be able to be done in 45 days. However for one reason or another they always tend to run 60 days.

If you go to our website you can click on the link at the bottom of the page that explains a 203k loan

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes
Dexter B. Ad…, , 19401
Fri Aug 3, 2012
Hey Ygyabaah,

We offer an FHA loan that will allow for up to $31,500 in rehab funding beyond the purchase price, as long as non of the work required is structural (i.e. moving walls, foundations, etc). You would need need a different FHA program for more substantial work. Let me know if I can help.

dexter@drexelhillmortgage.com
0 votes
Dexter,
Thanks for the responce. Please send me an application to ygyabaah@gmail.com. Are you able to accomodate the tight the timeframe (9/15/12) as long as I get you everything you need?

Thanks,

YG
Flag Fri Aug 3, 2012
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