How does a renovation mortgage work? Does your loan amount include the amount to fix the property to a liveable condition?

Asked by Billi, Annville, PA Fri Jul 15, 2011

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David Hepp, , Palmyra, PA
Fri Jul 15, 2011
Billi,
There are several types of renovation mortgages.
FHA 203K
HomePath Renovation
Yes, you get the money to fix the home. The contractor gets 50% at closing to start the job and the rest when job is completed.
I have also used some other types of loans if the repair amount is not high.
I list alot of foreclosures, so email me back if that is the type of property you want .
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very interested in your help --- please email us back at melia.moore@yahoo.com - THANKS. As far as a home/house - we would like a bit of land if possible, perhaps some water feature, close to gamelands, 2 to 3 bedrooms, 2 bathrooms, a bathtub!!, and I work in Harrisburg and John in Lebanon, so somewhere between there. Nothing needing too much work, a garage and hopefully some appliances. Something rather up-to-date would be great! And not too close to neighbors.... we are thinking in the $100k to $125k range with the U.S.D.A. help and funding.... ;) -- Thanks.
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