Profile picture for bkilbour

Buying a house that isn't move-in ready?

I want to buy a house that is not move-in ready. No one seems to take this seriously though! I want the property (2 lots at .78 acres), and have no problem with any renovations I would want to do. How do I go about getting a loan for it?
  • August 05 2014 - US
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Answers (2)

Profile picture for nwhome.us
Every lender will require that you have documented experience with building construction, can develop a budget and schedule that you can adhere to and that you will complete the project on time and on budget.  Why would they bother lending on anything else?

The standard practice is to present contractor bids and a signed building contract to the lender who will make checks out to the builder based on progress of the project.

The 203K product requires that their "man" develop the cost estimate and supervise the building progress and payments.  And you pay for the supervisor.

You might be able to find a hard money lender......@ 10-15% interest rates.
  • August 05 2014
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Profile picture for wetdawgs
A 203k loan may be an option, but you have to have an approved contractor do the work.
  • August 05 2014
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