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wondering about a home equity/first mtge on a home with out water hook up or heat.......these are some of the improvements we need to make on home we bought.......
Generallly all banks require homeowner's insurance of some kind to protect the structure, and getting insurance will be more challenging if you do not have a central heating system. You may need to use an independent agent to get a policy.
I assume you're looking at buying this property at a bargain price with the idea that you can fix what it needs and wind up with a decent home for less than market value.
It can be done but you may have to look hard to find a lender that will do it. It's unlikely that the "big boys" would touch it. You'll have to look for a credit union or local bank that will underwrite the loan in-house rather than dealing with a mortgage broker.
I had a friend who bought a rehab house once, he was able to get a line of credit at the bank to buy the property and draw against for materials, then once it was complete they rolled it into a mortgage.
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