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CLIFFORD
yes y not
RAMIRO
What you’re looking for is what’s called an FHA Title One loan which is for home repair. Some items like a pool, for example, cannot used with this loan. They offer varying loan amounts with very little cost. In some cities you can also obtain Community Improvement Loans (and sometimes Grants which are only paid off if you sell or transfer title within 10 years). Insofar as how long you have to wait before obtaining a Home Equity Loan (or Line), some companies offer loans the day after you close your purchase for up to 125% of your purchase price. With this loan, there are associated costs which are higher than the Title I, but they have no constraints for use of the proceeds.
NESTOR
NO, NO AND NO. THE LOAN YOU ARE APPLYING FOR IS ONLY FOR THE PURCHASE OF YOUR HOME. IT DOESN’T INCLUDE ANY REPAIRS OR IMPROVEMENTS THAT YOU WANT TO MAKE.
THATS WHY HOUSES FOR SALE HAVE LISTINGS TO SHOW YOU WHAT THE HOUSE LOOKS LIKE AND THATS WHY AN INSPECTION IS ALWAYS DONE.
IF THE LAWN NEEDS TO BE SODDED OR IF YOU FIND ANY OTHER REPAIRS THAT NEED TO BE DONE.. YOUR BROKER IS THE ONE THAT SHOULD NEGOTIATE THIS FIXES BEFORE ESCROW CLOSES. IT COULD BE NEGOTIATED TO THE POINT THAT THE SELLER COMES DOWN ON THE ASKING PRICE AND IF NOT THEY SHOULD BE FIXED BEFORE ESCROW CAN CLOSED
AS FOR YOUR OTHER QUESTION, IS MANDATORY THAT YOU WAIT AT LEAST 6 MONTHS REGARDLESS WHETER YOU EARNED EQUITY OR NOT.
JOSUE
FHA 203 Kb is the answer for rehab and purchase, seek the advise of a good loan broker who does FHA loans.
GREGORY
I say pay full price and then ask for cash back at closing for repairs.
Let say the house is 100,000 then I would ask for 14,000 back at closing for repair. Works all the time
Deal Maker Denney Charles Denney