Asked by Gman, Akron, OH • Mon Sep 27, 2010
I have a home that I bought (have a mortgage) 2 yrs ago. My finances are secure, good credit, etc. I have some money in the bank and had been toying with getting into rental property. I've found a house that is very reasonable and though it needs "some love" it really doesn't (surprisingly) need too much. The house is around $20k and I estimate that it requires about $5-10k put into it to take care of some rehab things.
I was thinking a mortgage for this price wouldn't cost me much at all per month and I could easily handle it (incl. down payment, closing, etc) but now I'm learning banks won't lend for this small amount. I've heard that a 203k loan would work but also heard that I'd have to be the occupant there, which isn't going to happen.
Did I hear wrong? What are my options, if any? I've tried 3 different recommended mortgage brokers today and no one will return my call.
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