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Answers (6)
- Malinda Trimberger, "malindat"
- Contributions:81
Malinda,
Yes, the 203K as previously stated. Here is a mortgage lender locally (that can service your area as well) that can offer this type of loan. Contact Eric @ Cornerstone Mortgage, 920-347-1616. Also, if you are concerned about condition of home, you can purchase a home warranty plan through AHS (they are the only company I am aware of that offers a home warranty on foreclosures and pre-existing conditions).
Good luck. From another "Malinda" with an "a" :-)
- Eliane Consalvo, "ConsalvoE"
- Contributions:2
Various lenders offer rehab loans which are designed for homes needing repairs such as foreclosures. These loans generally carry a higher interest rate than conventional loans or FHA loans. The rates may vary among the various lending institutions.
- Duane Murphy, "DuaneMurphy"
- Contributions:144
Malindah-
You may have a few options.
1) 203k allows for major property repairs. *not all lenders can or will do this type of loan.
2) WHEDA Has a new loan product coming out that allows for repairs to foreclosed property purchases.
3) Ask the bank to repair it. Some banks are starting to fix issues so that the home can be sold. Even if they say it is "as-is".
Best Of Luck!
Duane Murphy
Coldwell Banker
The Real Estate Group, Inc.
920-810-7234
www.duanemurphy.com
You may have a few options.
1) 203k allows for major property repairs. *not all lenders can or will do this type of loan.
2) WHEDA Has a new loan product coming out that allows for repairs to foreclosed property purchases.
3) Ask the bank to repair it. Some banks are starting to fix issues so that the home can be sold. Even if they say it is "as-is".
Best Of Luck!
Duane Murphy
Coldwell Banker
The Real Estate Group, Inc.
920-810-7234
www.duanemurphy.com
- Luis Lozada, "Luis Lozada"
- Contributions:4350
If there is no evidence of damage and/or water leaks. The borrower must be informed that the roof was snow covered at the time of the appraisal and that it is acceptable to the purchaser without any warranty or guarantees from HUD-FHA.
- Steve Neuenschwander, "SteveNeuen"
- Contributions:281
Check with your loan officer. I know there has been changes but you should be able to get either a portion or a secondary loan for repairs up to a certain amount. These are not unusual situations in foreclosure properties.
- Barry Smith, "StPeteFLRealtor"
- Contributions:88
Yes, it's called a FHA 203k where you roll the cost of improvements into the house. There's a process of escrowed money that is used for the fixups and then inspectors come out and inspects the repair. Do a little reading on this loan product and then speak to your lender.
FHA loan--house with roof problems is there any way to get the loan with this problem?
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