U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-23-2015, 09:47 AM
 
108 posts, read 133,998 times
Reputation: 18

Advertisements

I have been looking for a single family home in Northern NJ for a while now. I have noticed some 2 bedrooms homes for great prices, however I would need to add an addition. What are my best options as far as a loan that would include renovations? Have you had this type of loan. What was your experience? For example, I purchase a home for 300k and I want to renovate for 100k. I have been pre-approved already through my credit union, however they do not do renovation loans. TIA.
Reply With Quote Quick reply to this message

 
Old 02-23-2015, 10:26 AM
 
Location: High Bridge, NJ
3,858 posts, read 8,568,636 times
Reputation: 3340
Quote:
Originally Posted by leo06 View Post
I have been looking for a single family home in Northern NJ for a while now. I have noticed some 2 bedrooms homes for great prices, however I would need to add an addition. What are my best options as far as a loan that would include renovations? Have you had this type of loan. What was your experience? For example, I purchase a home for 300k and I want to renovate for 100k. I have been pre-approved already through my credit union, however they do not do renovation loans. TIA.
See my post below. FHA 203K is one program-Fannie Mae Homestyle is another. If you check around there are other conventional options from banks as well depending on what you want to do, loan amount, credit, etc...
Reply With Quote Quick reply to this message
 
Old 02-26-2015, 11:33 AM
 
4 posts, read 2,887 times
Reputation: 10
A 203 K or FHA streamlined 203k would be an option. Their are also certain institutions that provide conventional rehabilitation purchase loans as well.
Reply With Quote Quick reply to this message
 
Old 02-27-2015, 06:48 PM
 
595 posts, read 317,341 times
Reputation: 786
Google "purchase and renovate loan". Wells Fargo and BOA both have programs.

I am going through this with Wells Fargo right now on a short sale purchase. This is not an FHA or 203k, this is a conventional loan.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 09:06 AM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top