Home Buying in Crown Point>Question Details

Ab, Home Buyer in 46383

i found a home for 125000 which needs tlc. whats a good offer. It was appraised at 132000 last

Asked by Ab, 46383 Thu May 29, 2008

It needs a partial roof, painting, carpeting. 1400 sq. ft. Also anyone know what mortgage company is doing stated loans? Im self employed, good credit 678 but cant do 10% down.

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Stated loans are getting tough to do. A Great Loan officer i work with often is Heather Opperman of CTX Mortgage. (219) 942-9333. As far as a good offer, what are your plans for the house; are you going to live in it? or fix and sell? If the later, i would suggest no more than 75% of that132k number to be able to make something on the back end, but there are a lot of variables. Consult with a Realtor no matter if someone in my office or others. A good realtor should be able to help you with comparable homes in the area, to get a better feel for the current market as well as an estimate of where the market is headed.

Good Luck,

Mark
Web Reference: http://www.tritowngroup.com
0 votes Thank Flag Link Thu May 29, 2008
Hey AB!
Just responded to your other post. Now I can see why you are looking for FHA. Currently I know of just one lender in the area that is doing the FHA 203(k) program. This is the rehap loan. The lender caps improvements at $35k and work must be done by an approved FHA contractor.

You might want to have a professional look at your taxes and determine what the income they come up with

Tony
0 votes Thank Flag Link Thu May 29, 2008
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