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y is it so hard to get a loan

i'm trying to purchase a mix property, for 150,000 it's a shell and to fix it up, it's going to cost between 150,000&175,000, and we have about 10thousand to put down who . can help us
  • January 06 2009 - Jonestown
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Answers (4)

Hi,

Probably the only hope you have is an FHA 203 loan. I don't know if the property will qualify, but call a local mortgage broker and ask. This will give you some money to fix it up....but not $150,000....tough time for remodeling loans.

Good luck!!!

K
  • January 21 2009
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I have had no problems getting any loans; the banks keep offering me more loans at 0% interest.

It must be a pure case of discrimination?

Or maybe you just don't have a good enough credit rating and sufficient experience?

Why are you trying to get a loan for something that will likely be over your head in the near-term anyway?
  • January 21 2009
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That loan would most likely be qualified as if you were going to be building a new home altogether.  This process is pretty demanding and there are alot of stipulations the bank requires.  It is usually referred to a construction loan.

Moreover, right now, the current economy is slow.  The bail out has helped - lowering interest rates to its lowest percent since the early 2000's.  However, the banks are tightening up!  But it is still fairly easy to purchase if you have good credit, down payment money, and a lender and agent who can get creative with negotations and bank programs.

You may want to talk to a commercial lender or a broker who has multiple options.  It might be more difficult to purchase than ever before but if you have your information and application in line then you will find banks ready to loan.

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  • January 21 2009
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It is always harder to get a loan on a mixed property. Let alone one that is in need of repair. A mixed property has to be equal living space and retail space. I believe you are going to have an issue with amount you want to put down.
  • January 07 2009
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