Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 11 years ago on . Most recent reply

User Stats

6
Posts
0
Votes
Tim Sughrue
  • Wilmington, MA
0
Votes |
6
Posts

Renovation Loans???

Tim Sughrue
  • Wilmington, MA
Posted

I am currently seriously considering purchasing my first house. I basically found exactly what I was looking for (worst house in best neighborhood). This house is not a "gut job" by any means but it definitely needs a ton of work. (roof, electric, heat ext.) My ideal purchase was either something cheap enough where I would have a low mortgage and have weekly cash to dump into it or if it was closer to my max price it would need minimal work. Of course, I stumble across something that needs a lot of work but is higher than my ideal price range for something like this. I then learned about renovation loans which will give me enough or close to enough money to get what needs to be done to the house. My Realtor suggested a company to go through when the time comes. He also suggested a 203B which I am told is up to $35,000 and is a lot less headache and processes to go through (not really sure what he means by this). I am afraid $35,000 isn't enough, though it may be, I simply don't know. $50,000 I feel would be a sufficient amount because I can cover the basics and may have enough to remodel a kitchen/bathroom. Has anyone done these or is familiar with them? Also, should I seek out a few different mortgage companies and have them bid against each-other for the best interest rates or does it not work like this? Also I am a first time buyer so do I get any beneficial rates like I would with a conventional mortgage?

Thanks in Advance!

Loading replies...