david.t.mi, Home Buyer in New Orleans, LA

Financing both the new purchase and the renovations.

Asked by david.t.mi, New Orleans, LA Tue Jan 8, 2013

I am on the market to purchase my first home. As many of you know a good amount of the homes in New Orleans need some work. Can anyone provide details on how I can finance both the purchase and the renovations? To make things trickier I am elegible for a VA loan and am very interested in the New Orleans bond program.

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Wayne Clark, Agent, New Orleans, LA
Wed Jan 9, 2013
Daivd, there are some lenders who have other programs for you to consider. Regions Bank have a program to buy and renovate a property.There are others. You should also shop around for a lender with knowledge of VA loan requirments. It may be possible to structure the loan by providing interim construction funding then convert to a permament mortgage.

Good luck

Wayne Clark
Real Estate Broker
Licensed in Louisiana
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Wed Jan 9, 2013
Forget the VA as I do not believe they have any programs that would allow you to accomplish what you need, though you could always ask them I believe your best option will be a 203K loan which is an FHA program. You'll want to find a lender in your area who handles this specific program. There are two versions the 203K Expedited which allows up to $30,000 in renovations and is much quicker and simpler, or a full blown 203K which will cover renovations over $30,000

0 votes
Lisa Heindel, Agent, New Orleans, LA
Wed Jan 9, 2013
Have you talked to your lender to see if there is a program that you fit into? Typically a purchase/rehab is done with an FHA 203(k) loan.
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