my husband and i want to buy a home that need minor repair.What kind of loan should we apply for.Thanks
2,209He can do any type of work himself except for eletrical and plumbing.
8 answer(s)
About 6 years ago
Traditional big banks will kill you with paperwork. You want a bank who are investor and rehab friendly. Reach out to me and I will point you to right banks and brokers.
Chris
832-859-8698
ChrisRealEstatePro.com
Chris
832-859-8698
ChrisRealEstatePro.com
Like (1)
DislikeAbout 7 years ago
Smaller regional banks are better for that type of loans. 'Prosperity Bank' is a good one for example.
About 8 years ago
I definitely would consult with a mortgage professional but it sounds like a conventional loan with a HELOC (home equity line of credit) loan on top of it would be your best bet.
About 10 years ago
I agree with Veronica, you should pursue a conventional loan with a 10% to 20% down payment, or if you're a first time home buyer you can consider other programs that allow for a smaller down payment. If you do qualify for a smaller down payment, you can use the funds you might have applied under conventional financing to cover the cost of repairs. Best of luck.
About 10 years ago
Hi,
You definitely need to contact a lender. They will give you the options based on your specific situation.
Darby
You definitely need to contact a lender. They will give you the options based on your specific situation.
Darby
About 10 years ago
For the purchase you will most likely get financing as usual for the purchase of your primary residence. At the time of loan application you can discuss with your lender your home improvement financing options. The appraised value of the property will play an important part in deciding which financing options are best for your specific situation. You might be able to borrow against the equity in the property. However, in Texas you can only take out up to 80% of the equity of your property. Being that you are purchasing this home now the appraised value may not be much more than the purchase price. You will most likely have a separate home improvement loan on top of your mortgage financing. If you qualify for the additional loan. Discuss this in detail with your lender. You may have a few options.
I wish you much success.
I wish you much success.
About 10 years ago
You should speak with a lender to determine the best loan for you and your husband. If you need a list of lenders to consider please don't hesitate to contact me. (281) 788-0495
About 10 years ago
Hi. Your best bet is to get with a local lender who can discuss which type of loan would be most advantageous.
Should you need help with an offer please feel free to contact me.
-Dee
Should you need help with an offer please feel free to contact me.
-Dee
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
8 answers
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