I am interested in a very old farm house. It is not eligible for financing but the listing suggests "construction loan". Any suggestions?

Asked by M Farland, 10463 Mon Apr 23, 2012

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Robert Wise, Agent, Charlestown, MA
Wed Apr 25, 2012
I would contact the listing agent or if you have a buyer's agent already representing you, have them contact the listing agent for the property and ask what is meant by a "construction loan" and why it is suggested. From there talk to a mortgage broker or lender, discuss all the information concerning the property and you will receive a clear picture of your financing options, whether it be a 203k loan or some other program but talk to a mortgage professional.
0 votes
Maryellen Di…, , Massachusetts
Wed Apr 25, 2012
A 203K loan should work, it can be a quite a bit more paperwork and take a bit longer, but could possibly be your solution.
0 votes
Richard Shap…, , Framingham, MA
Mon Apr 23, 2012
What is making it not eligble for financing? Is it run down, on lots of land, or something else?

Knowing what is causing this issue will help any suggestions to work around it. so please share some details.
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Mon Apr 23, 2012
Contact a mortgage originator about a 203k loan. it is a rehab loan that may work for a property that cannot go traditional financing.
0 votes
Heidi Zizza, Agent, Wilmington, VT
Mon Apr 23, 2012
Try a 203K loan or maybe the USDA loans
0 votes
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