I want to buy a home, just coming out of a family self suficency program in west Philly. So I would rather

Asked by Dottie, West Parkside, Philadelphia, PA Fri May 22, 2009

buy a home than rent .I am a Philly native and frankly Iam tired of all the violence and poor school system that we have.But phily has some gorgeous home ,one In particular 818 n 63rd street .They want 99k it needs alot of work.I want to know if I get a loan for the mortgage will the bank give me a loan to do the neccessary repairs .If so who do contanct to do the gut and rewire replum and drywall and windows .It has 7bdrm and 21/2 bth .how long would a project of this magnitude take and what would be the the cost .Anfd who would you recomend to me to help me with getting this process started?

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Dana Schuster, Agent, Slidell, LA
Fri May 22, 2009
BEST ANSWER
You can get an FHA loan called a 203K which allows you to finance repair cost in the loan. For an FHA loan you need 3.5% of purchase price for down payment,a 620 credit score,a 2 year work history and enough income to pay the monthly note plus taxes,insurance & maintenance costs. if the roof or furnace needs to be replaced can you handle this? The amount you can borrow for the repairs is no more than $35,000. There may be some down payment assistance programs still available in your area. A local agent could provide you with this information.
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Dana Schuster, Agent, Slidell, LA
Fri May 22, 2009
You might want to get a cotractor or two to look at the house and give you estimates of what the renovations would cost,before you get too involved/ if the repairs are going to exceed the amount yu have to spend or are not going to result in the finished house being worth enough to justify the cost,it is best to know this up front. You could take this information to the lender when you apply for your financing.
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Dp2, , Virginia
Fri May 22, 2009
You probably should interview at least 5-10 GCs and project managers (PM). Narrow your list down to the top 3 GCs and PMs, have them do a walk through separately, and have them to submit you their bids for the work.
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Kemberley, , Philadelphia, PA
Fri May 22, 2009
I actually work with a contractor who is a 203K specialist. Your best bet is to get with a great general contractor so that he can handle the day to day operations and sub contract out for all services for you. It is hard to say how long it would take depending on the extent of work that needs to be done. The key is to have a plan of attack so that the renovations are done in a timely manner and in order.


Kem Bailey Smith
Keller Williams Main Line Realty
610- 520-0100
Cell 267-972-3879
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