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Answers (7)
Best Answer
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
Correct. You can not have another FHA loan. My best suggestion would be to clear your file of all conditions except for these repairs so that you have the greatest certainty possible that the financing is in place and then ask permission to go in there and fix those things if even just temporary. The windows and screens should be easy. Not sure what you would need to do on the electrical.
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
Great Question.
I have many solutions for this, and it is done on a regular basis.
If your total repairs are $5,000.00 or less, you more than likely, don't even need a "renovation loan", and can ESCROW for repairs. You go to closing and the repairs are done by the buyer AFTER settlement, by the contractor of their choice.
If your buyer is in need of a renovation loan, due to the home needing some minor or even significant repairs/renovation, there are about 6 renovation loan products that are available, to include the FHA 203k, where the money for repairs go into an escrow account and can be done after settlement.
Renovation Loans are all I do and I do them very well. I am located right around the corner. Please feel free to look up my contact information in my profile and reach out to me and you will get personal service from me.
All the best,
b
I have many solutions for this, and it is done on a regular basis.
If your total repairs are $5,000.00 or less, you more than likely, don't even need a "renovation loan", and can ESCROW for repairs. You go to closing and the repairs are done by the buyer AFTER settlement, by the contractor of their choice.
If your buyer is in need of a renovation loan, due to the home needing some minor or even significant repairs/renovation, there are about 6 renovation loan products that are available, to include the FHA 203k, where the money for repairs go into an escrow account and can be done after settlement.
Renovation Loans are all I do and I do them very well. I am located right around the corner. Please feel free to look up my contact information in my profile and reach out to me and you will get personal service from me.
All the best,
b
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
Your best bet will be with either Fannie Mae's HomeStyle Renovation loan (click here for more info) or go with a Private Money loan (as you had mentioned below that you currently have an FHA loan on another property).
Good luck!
Good luck!
- sskosh
- Contributions:14
I already have an FHA loan for my current property and was told that I couldnt get another one which is why I'm looking at the 30 conventional.
- Edward Fallon, "efallon"
- Contributions:66
FHA 203k - repairs are done after closing.
- sskosh
- Contributions:14
I'm looking at a 30year conventional loan. There are several repairs needed but almost all are cosmetic things like missing glass for the sliding door, a few missing windows some electrical wire cleanup and the previous owner started to tear down a wall and so the frame and some electrical wiring need to be demo oh and its missing some screens in the sun room
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
If there repairs are significant enough that they need to be done before clsing than outside of some sort of rehab loan, there is not much you can do. What kind of repairs are we talking about and what kind of loan are you looking at.
Does anyone know a lender who will not require repairs be completed on an AS-IS purchase to close?
Hi, I am currently looking to purchase a home. I am in a sells agreement and currently have a loan setup with a company however the home does require some repairs and is an as-is sell. I have no problems repairing the property but my current loan company would like me to restore it before they will close the loan which I am a little uncomfortable fixing up the property before it belongs to me. So I'm trying to see if there is a lender who will not require the appraisal repairs be complete to close the loan. Thanks
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