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I came across and exceptional deal on a nice 3 bed 2 bath cottage with 6 acres. Two years ago it appraised for 45k. Which is average for that type house etc where I live. Through odd circumstances with the previous owners an out of state mortgage company foreclosed on it and have it up for sale for 20. It does need repair. About 10 thousand in repairs. Roof being one of them.
My problem is that I do not have stellar credit but am able to offer 10k down. But no bank will finance it and it is a combo of my credit and also the house needing repairs. The repairs are nothing huge. Just some shingles, some new floor coverings and paint on the walls will cover all of the repairs.
Is their some way that I can get a finance company to add say 10 to the loan with stipulation that it be used solely for repairs?
If I do not own the house I cannot repair it. If I cannot repair it no one will finance it.
I came across and exceptional deal on a nice 3 bed 2 bath cottage with 6 acres. Two years ago it appraised for 45k. Which is average for that type house etc where I live. Through odd circumstances with the previous owners an out of state mortgage company foreclosed on it and have it up for sale for 20. It does need repair. About 10 thousand in repairs. Roof being one of them.
My problem is that I do not have stellar credit but am able to offer 10k down. But no bank will finance it and it is a combo of my credit and also the house needing repairs. The repairs are nothing huge. Just some shingles, some new floor coverings and paint on the walls will cover all of the repairs.
Is their some way that I can get a finance company to add say 10 to the loan with stipulation that it be used solely for repairs?
If I do not own the house I cannot repair it. If I cannot repair it no one will finance it.
I would speak with a mortgage broker about available programs. The home might qualify for a HUD 203K rehab loan. This would finance the home as well as the needed repairs. If you are a Veteran also check with the local VA office for Vet programs that could potentially help finance it and repairs. Another potential is a USDA Rural Loan Program if the home is in a qualifying area. Many cities and counties around the country also have various programs with Federal Grant monies available for rehabilitating homes and having them occupied.
It really would help for you to speak with a good Mortgage Broker about these possibilities. The independent Mortgage Brokers generally know of a lot of these programs that are available to you.
It would be very difficult to get a mortgage loan for that amount no matter what kind of loan it is. You may want to try a personal loan for what you can get, use your cash to make up the balance, and throw a cash offer for less than asking price at it.
Just curious, where can you get a home on 6 acres for $20K, and not be a complete tear down? And I agree, Streamline 203K loan is the way to go.
Try looking at grar.com We just bid on a 2560 SF home on 1.11 aces for $19,900.00 cash. We expect to be moving in in a week to 10 days. House needs some work, but not a complete tear down. It is only 39 yrs old.
Try looking at grar.com We just bid on a 2560 SF home on 1.11 aces for $19,900.00 cash. We expect to be moving in in a week to 10 days. House needs some work, but not a complete tear down. It is only 39 yrs old.
Thanks, but can't since I'm not a member of that MLS and don't have a portal login. But I have heard of very cheap home prices in Michigan. $8/sqft is an amazing price for a livable home.
rjrcm you do not need to be a member. just go to www.grar.com and to the left click on Residential property Listings then a page will pop up and click on residential properties for sale and it will bring you to a page where you can pick and choose what you are searching for.. from price range to almost how many times you want the toilet to flush..
rjrcm you do not need to be a member. just go to www.grar.com and to the left click on Residential property Listings then a page will pop up and click on residential properties for sale and it will bring you to a page where you can pick and choose what you are searching for.. from price range to almost how many times you want the toilet to flush..
Thanks - missed that .
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We just bid on a 2560 SF home on 1.11 aces for $19,900.00 cash. We expect to be moving in in a week to 10 days. House needs some work, but not a complete tear down. It is only 39 yrs old.
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