J asked:
bought a home for 45k.in michigan back in november so its been about 5 months. every bank is telling me that you have to reside in the home for 12 months in order to use the market value to get a loan, other wise they use the purchase price of the home to write the loan which isnt enought to do me any good. i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water/ well put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all
bought a home for 45k.in michigan back in november so its been about 5 months. every bank is telling me that you have to reside in the home for 12 months in order to use the market value to get a loan, other wise they use the purchase price of the home to write the loan which isnt enought to do me any good. i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water/ well put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all
so im looking for a 75k loan to pay for everything
any ideas on what i can do ?
i have excelent credit 730 range
the home is in livable condition now but i still have the rest to take care of out side and what not
any ideas on how to help me out here?
home equity isnt my goal here as its a variable intrest only rate id like a fixed rate.
any one with ideas to help me out
i dont wanna do the 203k loan as i want to do the work myself not with a contractor. any ideas?
also this is a primary residence not a rental
EDWARD
DIEGO
check out
Check out this website recently my friend got loan of 300000$.
Comment by CAsper — January 17, 2010 @ 12:20 pm
CHAD
Since the home is in livable condition right now, can you possibly wait to fix the rest? Are you going to live there or rent it out?
If you’re going to live there, then think about what the payment would be on a $75k loan. Put that amount toward repairs each month and you’ll make pretty good progress on things.
If you’re going to rent it out, then just start renting it as is. Find a tenant who will allow you to do repairs along the way, and make sure your lease gives you that right. Then use the rent each month toward home improvements.
Sorry I don’t have any specific advice about getting the loan.
Comment by SmartA$$ — January 19, 2010 @ 2:12 pm
IRA
you may wan to look at an FHA 203k loan
Comment by Noneya — January 19, 2010 @ 11:03 pm