If you want to buy a fixer upper, as you get a loan for the purchase price plus the cost of rebuilding?

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For example, if the sale price is $ 80,000 and the property needs $ 20,000 in remodeling and / or repair at the time of purchase of the house, you can use a mortgage to the total? Or usually two separate loans that you can not get along? Looking only information on how all this funktioniert.Auch, I might add – I am more specific about buying a foreclosed home, where the property value to be greater than the possible selling price.
A HELOC is only for people who already have, and have a portion of their mortgage paid for, right? We did not buy a house, and we want to apply for a loan for renovation costs (house needs structural repairs.) We have, however, none of our own money to do all the work required. We are ready to offer a very small amount for home, but do not know how not to find funding for repairs. (Tell me not to buy the house. I know it’s always an option.)

  1. Reply
    Ryan M
    January 22, 2011 at 8:15 am

    These days you can’t. If you cannot afford the house and the repairs, you have no business buying that home. No one will give you a 125% LTV loan and no one is going to give you a loan on the home repairs with no equity. Either way, it is not going to happen.

  2. Reply
    January 22, 2011 at 9:02 am

    Go to fhainfo.com. They are called 203K or rehab loans.

  3. Reply
    Quicken Loans
    January 22, 2011 at 9:26 am

    Ryan’s wrong. You can get a loan for a fixer-upper house, part of the loan is to purchase it, and the other part is to improve it because some homes just aren’t livable until you remodel it.

    It’s called a 203k loan, ask your lender if you qualify and if they offer it. This loan is specifically designed for you to have money to fix it beyond the initial cost of buying it. It’s insured by the Federal Housing Administration and is part of the FHA program. Use the link in the sources section to find out the requirements.

  4. Reply
    Sandy T
    January 22, 2011 at 9:40 am

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  5. Reply
    January 22, 2011 at 10:36 am

    The only option would be an unsecured personal loan. If you don’t have the money, you shouldn’t be buying the house.

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