What about using a FHA 203K loan?
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What is this thing of which I speak, and FHA 203K loan? – It is a Fix it and REHAB loan for properties that the buyers are qualified for FHA lending – and the homes need a lot of work to meet up with the FHA appraisal guidelines.
In a nut shell – these are taking from 3 months to close.
You, as a buyer, are out of pocket some expenses ahead of time – such as the Contractor Bid Fee and the FHA Consultant Fee – $1000 and up.
Then the property value “AS IS” need to correspond with the “REPAIRED” values after the completion of the FHA mandated Repairs.
The bids cannot vary and need to be spot on with the Bid that the FHA consultant agreed to.
A bit Tricky, but these can be done. If you have the Time we have the Connections within Real Estate that can help you with this type of loan.
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Thanks Jerry – you are the SME (subject matter expert). We appreciate you being a part of The Paris911 Team.
Jerry BronstrupYes.. the 203 (k) takes a lot of time…but there alternatives that can assist the average buyer in purchasing an REO or short sae home in need of repair. I’m speaking about the FHA title-1 loan- $25,000 for any repair you desire- whether you have a conventional loan or FHA, you most likely will aslo qualify for the title-1 – AT THE SAME TIME. $25G’s can go a long way in “fixing” a home. I offer them for any repair, rehab or upgrade my company installs on any home. I also offer a $7500 UNSECURED home improvement loan that can be used to do those smaller repairs or upgrades. $25,000 for 244 per month 240 months at 8.95%. Rates are as low as 6.95% Qualifying and close are within 10 days of application- which can be approved before you close you purchase loan with ABSOLUTELY NO RAMIFICATIONS to you purchase loan. We use you current credit report and do not fund until after close of purchase escrow. these loans are 1005 tax deductable and do not have any prepayment penalties. Looking at that property just listed and need some “fix-it” funds. Connor and Paris can send you in the right direction.