Leo, Other/Just Looking in Port Saint Lucie, FL

if i buy a fannie mae house cash can i still get a loan to fix it up

Asked by Leo, Port Saint Lucie, FL Sat Jun 30, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Viola Neusch…, Agent, Lakewood, CO
Sun Jul 1, 2012
I recommend talking with a Mortgage Broker they specialize in loans. Please let me know if you want me to give you a name of someone you can get pre-qualified with and ask questions.
0 votes
What lenders would you recommend who have a lot of experience in HomePath financing in Denver/Aurora?

Thanks!
Flag Fri Aug 10, 2012
Benjamin Ber…, Agent, Denver, CO
Sat Jun 30, 2012
You're an extremely lucky man, Fannie Mae has the BEST program around. Its called a Homepath Renovation Financing, and like FHA's 203K program, it's used for fix up on a new purchase (exclusively offered on Fannie Mae foreclosures). Only it's better than a 203K because there is NO mortgage insurance with as little as 3% down. There's only one lender in the state (that I know of) who can actually close one of these deals. We closed one last month with a loan amount of $192,000 and a monthly payment of under $1,100. Please feel free to call me for his number (303) 807-3473.
Thanks,
Ben Berman
0 votes
Robert McGui…, Agent, Denver, CO
Sat Jun 30, 2012
Leo,

Yes, it can be done. the lender will still look at your credit worthiness as well as the value of the home. You can then work with the lender to do a HELOC - (Home Equity Line of Credit) depending upon the value of the equity of the home. There are several different programs and ways to do this so I would start with your personal banker and then check with some other lenders to compare rates and terms. Good succes with your venture.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
http://theRobertMcGuire.com
0 votes
Mike Papanto…, Agent, Arvada, CO
Sat Jun 30, 2012
You should be able to provided that you qualify. Typically ash is king when it comes to buying. That's probably your best bet if you're going to flip or rent it for a few years. Your better interest rates will be with a loan to buy it but they're so low right now it would make a nominal difference in your payment. Talk to David Thomas with Colorado mortgage alliance tomorrow and have him quote you both ways. 303-467-7676. Tell him I referred you. Good luck and letme know how I can help. Im an investor too.
0 votes
Marina Bay, Agent, Greenwood Village, CO
Sat Jun 30, 2012
In my opinion buying with cash and then getting a home equity loan for repairs, is the best way to go.
0 votes
Barbara Kirs…, Agent, Warminster, PA
Sat Jun 30, 2012
All lenders are different. If you have already purchased the house, you would ask for a home equity loan to fix it up. If you have not purchased the house yet and your credit is good, maybe you would be better to ask about a 203K loan. They money to fix up the house is included in the loan for the house at the low rate that the banks are lending on a mortgage. Call several banks and look for the best option that will work for you.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sat Jun 30, 2012
Yes, once you own it free and clear you can get a loan based on the value of the house or a home equity loan on the value of the house. It would not matter if it was a fannie mae house, bank owned house, or whatever house.
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Jun 30, 2012
If you have that much CASH;
why not buy it with a Convention Loan,
put 50-60% down, getting a realy nice interest rate,
and use the rest of your cash to fix it up.

Simplier!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more