Financing in Peterborough>Question Details

Maureen, Home Buyer in Hennoker,NH

What loans and grants can I apply for when purchasing a rehab in Peterborough, NH ?Can I burrow more then?

Asked by Maureen, Hennoker,NH Mon Jun 30, 2008

the asking price to get cash out and do the repairs immediately?
With approved credit and equity from my current home.
I was hoping to use my current home as collateral on a new home .
What options are there?

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With mortgage companies having tightened up so much, this still does exist, however you are going to need good credit (700+). There are some unknowns such as are you buying the new place to fix up, sell and make a profit. If so you wont be able to get a fha loan. However refinancing your home to pull out the equity is one choice, there are not many banks that are doing equity lines which would be your best choice. Check with the bank you do business with, if you are a long term and valued customer you may get a good deal. Look for a bank or credit union that does portfolio loans. Also consider hard money "private lenders" you pay more for a short term loan, but is a way to get the money to do what you need. Just dont get caught up paying fees to anyone up front who promises the world and you come away with no loan and your pocketbook lighter. Please give me an email if you need some referrals.
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0 votes Thank Flag Link Wed Jul 30, 2008
Hi Maureen- I'm a local (NH) mortgage broker who focuses on a bunch of rehab-type loan programs. Unless you're planning on moving into the rehabbed house within 6 months or so, then FHA-backed loans won't work. There are other bank alternatives. Feel free to contact me if you'd like, and we can share some specifics. Thanks, and Good Luck,

Ken L.
0 votes Thank Flag Link Tue Jul 29, 2008

I may be able to assist you, please send me an email so we can discuss loan amounts and property values:)

Thank you,

Tino Muratore
0 votes Thank Flag Link Mon Jun 30, 2008
Look into an FHA 203(k) rehab loan if you are thinking about selling your current home and buying a fixer-upper. You would however need to sell--FHA loans are for purchasing principal residences. Think real hard before tapping into your home's equity to get into investing if that's what you have in mind. Many lenders offer rehab loans, and you should talk to your bank and a mortgage broker/banker to get a line on what they have to offer.
0 votes Thank Flag Link Mon Jun 30, 2008
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