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Buying a fixer upper. Financing options?

Started by scriber17
over 14 years ago
Posts: 28
Member since: Feb 2010
Discussion about
I am considering a fixer upper. It has a valid C of O, but will be close to a gut renovation. I will be getting a 20% down 30 yr jumbo mortgage. The property will appraise for enough for the mortgage but will probably not have much left over for the construction loan(%75 LTV). Property exceeds caps for a 203k loan. What are my options?
Response by alanhart
over 14 years ago
Posts: 12397
Member since: Feb 2007

It sounds like you're looking for government help.

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Response by ab_11218
over 14 years ago
Posts: 2017
Member since: May 2009

it seems that you don't have enough cash to do the reno. move on.

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Response by Pawn_Harvester
over 14 years ago
Posts: 321
Member since: Jan 2009

It is a townhouse? You can make it a 2, 3 or 4 family to enjoy a higher limit on the 203k.

Frankly, if you can't afford to renovate it and the house exceeds the conforming limit, you are probably over-extending yourself.

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Response by Apt_Boy
over 14 years ago
Posts: 675
Member since: Apr 2008

If it is owner occupied, it will be tough, if it is purely an investment property, non-owner occupied, you can get a loan up to 70%-75% of the after repaired value from a private lender, rates will be high though, high-teens

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