As far as purchasing and getting financing for something like that with fire damage,
There are definitely a few different options for you. the fist question is; are you planning to live in the house? the answer to that can make a difference.
Please feel free to contact me so we can go over the different options you may have.
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It's not easy but there are lenders offering rehab loans that will do it depending on the extent of the damages & the cost to repair vs. the value, as well as your personal factors.
An additional problem will be to convince the seller that they would be better off taking your offer over a cash buyer- especially if it is bank owned.
Most fire damage/ handy man specials sell for cash, and then they cost only about 3/4's of what they were worth when they were in good shape.
I just suffered a fire on May 5th and I'm walking away. The home was worth about 95,000.- 120,000. prior to the damage. It is relatively small but sits about two house lengths from a lake. Great view but I've just had it with Jersey in general and am planning on leaving the state. I know a few contractors who I will contact when I'm ready and I believe my home will easily sell for $65,000. - $85,000. cash simply because of the location. A good contractor will only have to invest about $10,000. to gut it and make it new again.
It would be best if you could either find the funding through some other means or if the owner would take payments. Sometimes if u can put at least half down, they will accept monthly payments. That's the plan I have if an interested party cannot find full funding or falls short in the cash department.
Good luck to u.
Not too many people I know are out looking for homes with that kind of damage (skillfully repaired or not). There's a good reason that some real estate is a great deal and in this case its most likely because the home has been torched.
Three rules to real estate: Location, location, location ... NOT Fire, mold, water
Keep searching, there are better deals in your area I bet!
Properties like this usually sell for cash....Maybe you know someone who can purchase the property and have your husband fix it. After it is fixed, you can sell the house and both make a profit.
With that said, I'm not sure I have enough information to offer much insight on the subject. A lot has to do with the type of loan your seeking and if you qualify without your husband on the loan. Seems strange that in one household you have one spouse trying to finance the purchase of one home while the other is doing a loan modification on another home. But without all the facts, I can't say one way or another if that precludes you from what you are trying to do.
If the house has structural issues, it will be very difficult to get a loan. If the structure is fine, but the damage can be corrected to living standard with certain light construction, and if you qualify for an FHA insured loan, you may want to look into an FHA 203(K) construction loan. It's designed to allow you to purchase a property that is not up to FHA standards by getting a loan that pays for the repairs and then gets wrapped into the final purchase money loan. Of course, the property will need to be purchased far enough below market value to have room for the loan.
Talk to your loan officer about that and see what he/she has to say, since he/she should have all the details about your situation, he/she can explain how it may (or may not) apply for you.