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Looked at a house, interested in buying it, it needs work. It's a Fannie Mae homepath property. Won't qualify for FHA. Not sure if it will qualify for conventional either.
I can afford to put 20% down on this house and really wanted to avoid a rehab loan because of all of the fees and stipulations.
The house has two significant issues:
1: The Roof:
I can't see the roof but I'm guessing it needs a new one.
2: Septic:
The realtor I'm working with sent me a report from a previous septic inspection that said it shows signs of malfunctioning and possibly a leaking tank. They recommended soil testing to determine repair area. House was built in 1969 and the report says it appears to be the original system.
Other than that the house appears to be in good condition. Someone ripped out a wall in the kitchen and the drywall is missing where that stud wall was. And one of the rooms is missing some flooring. It might need some electrical work but I know an electrician.
Do you know of any options that would allow me to borrow for the roof and septic repairs and then pay for any other fixes needed myself?
Why bother making this a homepath property if it won't qualify for financing? Wish I had enough to just pay cash.
There are conventional renovation loans, as well as FHA 203K - those will give you funds for purchase and rehab and then roll it all into one. If you are approved for FHA, your lender should fairly easily be able to move you into a 203K.
Looked at a house, interested in buying it, it needs work. It's a Fannie Mae homepath property. Won't qualify for FHA. Not sure if it will qualify for conventional either.
I can afford to put 20% down on this house and really wanted to avoid a rehab loan because of all of the fees and stipulations.
The house has two significant issues:
1: The Roof:
I can't see the roof but I'm guessing it needs a new one.
2: Septic:
The realtor I'm working with sent me a report from a previous septic inspection that said it shows signs of malfunctioning and possibly a leaking tank. They recommended soil testing to determine repair area. House was built in 1969 and the report says it appears to be the original system.
Other than that the house appears to be in good condition. Someone ripped out a wall in the kitchen and the drywall is missing where that stud wall was. And one of the rooms is missing some flooring. It might need some electrical work but I know an electrician.
Do you know of any options that would allow me to borrow for the roof and septic repairs and then pay for any other fixes needed myself?
Why bother making this a homepath property if it won't qualify for financing? Wish I had enough to just pay cash.
Homepath properties typically qualify for the Fannie Mae loan. I know several people who have gotten that loan (I have also gotten it). There used to be a special Fannie Mae rehab loan that didn’t have as many fees/stipulations as other loans. I am not sure if it is still available since everyone I know who got the FM loan got it around 5 years ago.
Looked at a house, interested in buying it, it needs work. It's a Fannie Mae homepath property. Won't qualify for FHA. Not sure if it will qualify for conventional either.
I can afford to put 20% down on this house and really wanted to avoid a rehab loan because of all of the fees and stipulations.
The house has two significant issues:
1: The Roof:
I can't see the roof but I'm guessing it needs a new one.
2: Septic:
The realtor I'm working with sent me a report from a previous septic inspection that said it shows signs of malfunctioning and possibly a leaking tank. They recommended soil testing to determine repair area. House was built in 1969 and the report says it appears to be the original system.
Other than that the house appears to be in good condition. Someone ripped out a wall in the kitchen and the drywall is missing where that stud wall was. And one of the rooms is missing some flooring. It might need some electrical work but I know an electrician.
Do you know of any options that would allow me to borrow for the roof and septic repairs and then pay for any other fixes needed myself?
Why bother making this a homepath property if it won't qualify for financing? Wish I had enough to just pay cash.
Best way is to get a portfolio loan at your local community bank.
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