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This is a bank property now. How does the financing work in that case? Do you have to get some kind of loan for that part as well? is it necessary to have that a part of the total loan? How big of a role down payment pays in this one?
I am interested in one that is missing kitchen and some other stuff from bathrooms. I already have another mortgage for our house we live in. I do have enough for about 15% downpayment at this time but not more than that (just last month I paid a large chunk for the house we live in). There is no time to sell ours and I do not want to do that right now. So my main question is what are the important aspects when one tries to get mortgage for a house like that or what bank would like to see or prefer. I have credit score close to 800 if that is important. Thanks
Need clarification: Is the kitchen torn out? Is there simply no kitchen in the dwelling? it would seem that you need some kind of renovation loan such as a Homestyle.
I think some of the things have disappeared - exactly what I do not know. I am trying to get an agent so that I can go and see what it is like. But how does the appraisal work in this situation? Does it need to be fixed using that loan before primary loan is approved? If yes, how do you do that as it will not be mine until papers are signed. I basically want to find out how this renovation loan works for a house like this.
It's a bank owned property that's been stripped. It happens. You would likely need a rehab loan to finance it. Ask a mortgage broker or loan officer. A good buyer's agent can recommend a good one in your area for rehab loans.
I think some of the things have disappeared - exactly what I do not know. I am trying to get an agent so that I can go and see what it is like. But how does the appraisal work in this situation? Does it need to be fixed using that loan before primary loan is approved? If yes, how do you do that as it will not be mine until papers are signed. I basically want to find out how this renovation loan works for a house like this.
If you plan to live in the home, the out-of-pocket will be considerably less on a Homestyle Renovation Loan. This is a great option, but you will need a bit of an education that I really can't get into this morning. You will need contractor(s), and approved bids for construction, and the loan will be based on the Future Value of the property, post-renovation.
I do a lot more of these than FHA203k loans. Find someone who is patient with you and goes over the loan as it applies to that property and to your situation.
^^^^^Thanks this is really helpful. I am speaking with a loan officer who is supposed to know these things.
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