Forgotten Your Password?

Need to Register?

Question Icon

Are there any purchase loans that help me refurbish a damaged property?

by bolobaby554 from , California. Apr 13th 2015 Reply


Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,250 contributions

IT all depends on what is damaged.. can you explain a little more??

Apr 13th 2015
2
0
Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

There are two that come to mind among others. The HomeStyle Renovation and the FHA 203(K) Renovation Loans.The HomeStyle Renovation is a one time-close loan that allows borrowers to purchase a home that is in need of repairs, or refinance the mortgage on their current home and include the required funds for renovation in the loan balance. The loan amount is based on the "after-completed" value of the home rather than the current value. You could also choose the FHA 203(K) Renovation Loan, this too allows you to purchase or refinance your main home and renovate it, all with one convenient loan. This loan lets a buyer/home owner to finance the cost of improvements into the purchase or refinance of the home. Some of the advantages to this program are:oLow down Payments - Only 3.5% down payment is requiredoUnderwriting terms are flexible - FHA can be more forgiving when it comes to the credit score oEligible Property Types - Single family residence and PUD's. Comdo's and 2 to 4 unit's properties can use the FHA 302(K) loan although, there could be some restrictions to its use. I am Elden Lewis with Guaranteed Rate in Indianapolis, IN. If you need any further assistance please feel free to reach out to me at 317-225-4868.https://www.guaranteedrate.com/eldenlewis http://www.indianapolismortgageguy.com/

Apr 13th 2015
2
0
Jeff Phillips (JeffPhillips)
#678 ranked lender in California - 32 contributions

Hello,
The FHA 203K loan is a great option. Allows you to finance in the cost of repairs and even many improvements into the loan at 96.5% of the loan amount so you are only coming in with 3.5%. There are some good interest rate choices which will cover all your closing costs.

For more info you can email me at jeff@hpifinancial.com or call (415) 867-6488. We are a California Mortgage Brokerage

Apr 13th 2015
1
0
Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

Both Fannie Mae and FHA offer rehabilitation loans. You will want to talk to someone that is versed in doing these loans about your property and loan specifics to figure out which will be the best option for you.

Apr 13th 2015
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes.. FHA has the 203K, and conventional has the HomeStyle renovation loan.. the conventional is the best way to go.. much less restrictions and lower fees.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 13th 2015
1
0
Subscribe to our news feed.