Is it true that a mortgage company wont give you a loan on a house that need rehab?
currently 20 yrs old living with parents, want to move out but cant afford mortgage over 600/month. The only houses cheap enough in my area(frederick, md) all need to be rehabed. Can do windows, doors, finish carpentry,drywall, plumbing and insulation my father would help me with any electrical work. But a coworker has told me that its impossible to get a loan on a house that needs to be gutted, and have a lot of things replaced. Is this true? The one im currently looking at is 88,000 1840’s colonial i have 5% for a down payment. My credit score is 690.