Where can I find a mortgage company that will let me finance the entire amount the home is worth?
Saturday, 28. August 2010
I’m buying a ,000 house according to tax records for ,000, but want to get ,000 because it needs repairs. It shouldn’t really matter to the mortgage company how much I paid for it, because in the (extremely unlikely) event that my house was repossessed, they’d have a ,000 house to sell. Especially since I’m investing the extra money into it and doing the work myself. It would definately be worth well over 0,000 when I’m finished. I don’t want a home equity loan because I want just one payment with just one interest rate. My credit score is 702. I should be able to get a loan.
Yanswersmonitorsarenazis Says:
you need to find someone who will do a rehab/construction loan based on the future appraised value. Plenty of banks and brokers can do this, though few do it often enough to do it well. Shop around locally and see what you find.
Nora Says:
Get some tips and resources from this site, hope you find useful
http://www.mortgageloan.nmaskuri.com
bigoilman Says:
If the ARV is $120k and you could buy it AND fix it for $84k you could use a Hard Money lender (70% LTV is usually their limit but some will go 75% LTV). Then refinance it when it’s repaired to a low, fixed rate mortgage. Unless you’re planning to flip it. In that case just sell it when you’re done.