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Old 08-14-2008, 09:29 AM
 
2,779 posts, read 6,671,598 times
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Just moved into a 107 year old home in Idaho purchased in 2001, was trashed by tenants then sat vacant for years. Looking for any info on low income low interest rehab loan before roof caves in and any more windows fall on my head. Help!
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Old 08-14-2008, 06:22 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,596,105 times
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is there equity? need more info approx value, how much you owe etc...
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Old 08-31-2008, 08:32 AM
 
7,099 posts, read 23,908,860 times
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Is there a historical preservation organization in the area? It could be that you would qualified for help from them.

Other than that, check with your bank to see what they could do. They could probably direct you to an agency that might give you some help.

The last thing you want to do is take out a loan with someone who doesn't have an office nearby. You need to be able to talk face to face with a live human when you are discussing something as important as a loan on your home.

Good luck! Fixing up these old homes can be a great experience and you end up with something unique.
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Old 08-31-2008, 01:25 PM
 
Location: Jollyville, TX
3,704 posts, read 9,104,556 times
Reputation: 4068
You might check the USDA programs:

Individual and Family Opportunities
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Old 08-31-2008, 07:31 PM
 
2,779 posts, read 6,671,598 times
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Thanks for the great advice. The USDA has a possible good fit, it's a Rural Rehab loan, 1% for 20 years, and the FHA has a streamlined loan for renovations. Also checked in with State Historical Society. Will let you all know how it went with which programs!
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Old 09-01-2008, 08:05 AM
 
Location: Tampa,FL
54 posts, read 238,740 times
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There are 2 options you can consider. You can go with an FHA 203k that allows for repairs to be escrowed into your loan. This way you only have one loan to worry about and dont have to worry about refinancing later.

The other option is to use hard money as a repair loan and when it is fixed up and market ready, you can refi it to a conventional loan.

Both are good options to use, just depends which situation suits you better. Good luck in your adventure
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Old 09-01-2008, 10:34 AM
 
2,779 posts, read 6,671,598 times
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Excellent feedback, reps all around!
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