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For example, is it possible to buy a house for 250K that needs work and get a loan for the value after the renovation/addition? Say you want to do 50K worth of work to the house will a lender give you a loan for 300K to buy the house and cover the costs of fixing it up?
For example, is it possible to buy a house for 250K that needs work and get a loan for the value after the renovation/addition? Say you want to do 50K worth of work to the house will a lender give you a loan for 300K to buy the house and cover the costs of fixing it up?
The loan you are looking for is called a Renovation Plus loan. National City did offer it before they went belly up on the wholesale side. I believe that IndyMac is still offering it. Not sure about NJ since I do not do loans there, but someone on the forum should have an inside tract.
We bought a house for $1.00. We got a loan of $430,000 to move it, restore it and add on. The loan was based on the appraised value of the project when completed. the interest rate is very high (9.25%) and it is for a limited time, then you have to buy out the construction loan with a traditional mortgage.
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