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Answers (10)
- paul weinzimmer, "FHAPAUL"
- Contributions:128
See if you like any of these places on the Homepath website.
http://www.homepath.com/index.html
Use the search box on the right side of the page. You can do a Homepath rehab loan on these properties and it is better than the FHA 203K program. It only works on the properties listed on this website. Outside of this, you have to go FHA 203k for fixer uppers.
Hope this helps
Paul
- Amy Hoes, "Amy Hoes"
- Contributions:88
I see two things here that I want to point out. First is that in neighborhoods where you can buy at 10-25k it may be dangerous to complete repairs and or upgrades that would put you in a 65k mortgage. You may wind up in better shape finding something that may only need paint and carpet, etc in a price point closer to what you ultimately want to be in. Remember that the harder hit neighborhoods may not get you the resale value down the road. You don't want to buy cheap in the wrong neighborhood and put too much money into fixup only to have a great house with a 65k loan in a 50k neighborhood.
The second thing is that for what you are talking about doing the 203k is probably the way to go unless you have a family member that has deep pockets to loan you the money with a private money mortgage.
The second thing is that for what you are talking about doing the 203k is probably the way to go unless you have a family member that has deep pockets to loan you the money with a private money mortgage.
- Laura McKenna, "LauraMcKennaHomes"
- Contributions:27
My recommendation is that you speak with a sophisticated lender first.
To be honest, I'm concerned that you lack the knowledge to take on such a large endeavor. You may want to consider a home that needs a deep clean, painting, small carpentry jobs and the like, that you can do over time.
I agree with the concern about lead paint.
- Caveat Emptor
- Contributions:500
my first thought is be careful about investing 50,000 in a house that you bought for 10,000. it seems like Ohio is in a bit of a pickle and I would hate for you to be stuck if you had to move for some reason.
- William Dawes, "ewpdawes"
- Contributions:24
I would definitely look into the FHA 203(k) Rehabilitation Loan. This would allow you to finance up to $35,000 in repairs into your Mortgage. The program requires a 3.5% down payment.
My only concern with your specific case is: Income. For qualifying any self-employed borrowers we have to use the income your wife actually pays taxes on. So, if she makes $100,000 gross but writes off $90,000 then her income would effectively be $10,000 for the year. There are some things that we can add back in to this (Depreciation, etc). I would definitely advise you to move forward with speaking with a lender before filing your taxes for 2011.
You're definitely starting in the right place asking on these forums, doing google searches and getting with a Local Realtor.
Feel free to email / call or post more questions here as you get them!
Best of luck to you both, and pre-congratulations on your marriage.
My only concern with your specific case is: Income. For qualifying any self-employed borrowers we have to use the income your wife actually pays taxes on. So, if she makes $100,000 gross but writes off $90,000 then her income would effectively be $10,000 for the year. There are some things that we can add back in to this (Depreciation, etc). I would definitely advise you to move forward with speaking with a lender before filing your taxes for 2011.
You're definitely starting in the right place asking on these forums, doing google searches and getting with a Local Realtor.
Feel free to email / call or post more questions here as you get them!
Best of luck to you both, and pre-congratulations on your marriage.
- Rob Brillon, "Rob Brillon"
- Contributions:4
T Block~
Like Sharon stated...Lender, Lender, Lender...get pre-approved for a loan prior to submitting an offer on any house! It's the lending side of the transactions these days that seem to "snag" the process. Again...they will tell you what your financial options are!
Hope this helps!
Rob
Like Sharon stated...Lender, Lender, Lender...get pre-approved for a loan prior to submitting an offer on any house! It's the lending side of the transactions these days that seem to "snag" the process. Again...they will tell you what your financial options are!
Hope this helps!
Rob
- Steve Withrow, "SteveMDDCVA"
- Contributions:22
Great advice below, only thing I would take issue with is this idea that you shouldn't buy anything built before 1978. MANY people purchase homes, with children built prior to 1978, MANY people renovate those homes and are 100% safe. I grew up in a house built before 1978...work was done to the house while I was young, without the safeguards responsible contractors use today, and I am just fine. Just be cognizent that a house built between 1950 and 1978 MAY have lead paint somewhere underneath many layers of more modern paint, and a home built before 1950 WILL have lead based paint. When you do work, do research and take the appropriate precautions, and only hire contractors who can deal with it. I sell homes every day to families built before 1978...
- Mack McCoy
- Contributions:1117
Seems like a rebuild to me, in which case . . . can you buy something new for that kind of money?
- Wes Black
- Contributions:509
Sharon has given you great advice. If you follow it you should be in great shape.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
I would suggest you contact a local realtor , sit down with them and go over your needs. At that point in time they should be able to suggest several lenders you can talk with. Find out if your significant other can get a loan and for how much. Also take a hard look at what things cost to fix....please. Talk to a contractor, ask how much a roof, kitchen, siding costs to replace. A home is a great place as long as its not a money pit. You want to buy a home that is built after 1978 because of lead based paint before that....with children, the last thing you want to be doing is tearing down walls and fixing things with lead based paint in the home.Here is a link about that
http://portal.hud.gov/hudportal/HUD?src=/program_offices/healthy_homes/enforcement/disclosure
Best of luck to you...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/healthy_homes/enforcement/disclosure
Best of luck to you...
My girlfriend, soon to be wife and I are looking to buy a house.
770 credit score, ownes a small business in the mortuary field, and works part-time as
a CDL Driver. We started the Business from the ground up and it's now in it's third
year and growing fast.
What is the best route for us to purchase a home? We were thinking of getting
something at around $10,000 - $25,000, and then getting a loan to fix it up how we
would like it. Ending up with a mortgage at around maybe $60,000 - $65,000. Is that a good Idea that is workable given the current market? What would you do in our case? What's our best avenue?
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