How can I get financing for an old run down house?
August 14, 2009 by Builder Wong
Filed under My Beautiful House
We found the mental condition residence after the year of looking,it needs work though that’s not the problem. The residence will not pass ( do to need of leveling , paint as well as alternative probable issues ) for an FHA or USDA loan. We wish to do the work ourselves so an FHA Rehab loan is out of the subject as well as you do not have 20% to put down for the required loan. The residence will be pleasing with the small work. Does any one have any beautiful financing ideas or advice.
Are you sure you don’t want a FHA 203b loan? If you want to make an immediate improvement on your property, I would really look into this – especially if you’re looking into flipping your house. You can present to your buyers that you’ve had the work professionally done and some warranties may actually be transferrable.
But if you’re still against taking the rehab loan, I would save as much as I could because the only other option would be to take a second mortgage out or borrow against savings. That’s really it.
Good luck!