Tips on buying a floreclosed home that was new construction home (appox 85% complete & has everything in the

Asked by Maria, 45013 Wed Jan 16, 2008

home to complete the finish) ? Can my husband (lic. plumber) & I finish the home or do we have to hire a contractor for loan purposes?

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Will, , Atlanta, GA
Sat Aug 2, 2008
You may want to consider our renovation financing to complete the repairs. Mostly all lender will have an issue financing a property that isn't currently move in ready.

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James Gordon…, Agent, Hamilton, OH
Mon Jan 28, 2008
Maria it sounds like the property never had a certificate of occupancy. You may qualify for a construction loan instead of a 203k. There are a whole lot less hoops to jump through and you could convert it to a permanent loan upon completion of the house. Without a C.O, you may need to get some of the work done by liscenced contractors because of the inspections that Butler County will do to issue a C.O,
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Mary Starkey, , Dayton, OH
Wed Jan 16, 2008
One kind of loan you will probably have to get is a 203K renovation loan. You will have to have a licensed contractor to list and estimate needed work in order to get the loan approved. Most likely, you will be able to do your own work but an inspector from the mortgage company will be inspecting the work to make sure the loan money is used appropriately. You can to to my website and find a loan officer who knows about these loans. Look for the Legacy Mortgage link.
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