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Updated over 4 years ago on . Most recent reply
Loans for rehabbing besides 203k?
I have been looking at several homes that need repair. I have done construction most of my life so I can easily put in The Sweat Equity. The homes that I have been looking at are all out of state, so my questions are
(These homes cost between 10k and 15k)
A. I have about 10,000 I could use for a downpayment, would I have to pay in cash to rehab the home? Or is there a loan that I could take out for this?
B. Is taking out a personal loan worth it? Or my only option
C. When you buy a house that's in foreclosure and it's under 20000, do you have to pay in cash?
Most Popular Reply
Most traditional banks that I’m aware of will not do a Mortgsge for less than $75k.
Rehab loans available are FHA 203k, Fannie Mae Homestyle, and Freddie Mac CHOICERenovation.