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Buying Home That Needs Repairs
Posted on 5/23/17 at 9:00 pm
Posted on 5/23/17 at 9:00 pm
I'm currently considering purchasing a "fixer upper". This will be my first house. I'm wanting to do a conventional loan and put 20% down. The house does need a lot of work and does state that it will not qualify for FHA or USDA. Are the odds better of it qualifying for a conventional loan? If it does qualify are there any loan types that allow me to roll the cost of fixing the house up into the loan? And if there are loans like that will the work have to be done by a professional or is this something I can use the money to do myself?
2
Posted on 5/24/17 at 9:31 am to GAFF
there are banks that allow you to do construction purchase loans. this is a loan that allows you to take the cost of the home + cost of repairs = loan amount . You would then put down 10-20% of that number. Are you in Louisiana ?
Posted on 5/24/17 at 9:45 am to hawkeye007
Yeah look for a bank in your area that does rehab/renovation construction loans. They will get it appraised based off your contractors specs of the completed project.
Posted on 5/24/17 at 11:33 am to GAFF
You will have to have a licensed contractor do all the work for a mortgage.
Posted on 5/24/17 at 1:33 pm to baldona
some banks will let you do it yourself they just require more down payment and reserves due to a non contractor doing the work.
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