Posted on: 10th Mar, 2013 07:34 pm
hello all,
i have been searching the internet for awhile, and haven't been able to get all my questions answered so i figured its time i post up.
i am 22, my soon to be fiancé wife is 23 with a solid income. i am about to be done with school, we are both software engineers by trade. i also have quite a knack for building and home repair/maintenance. the town we live in now is not where we want to stay, but it is where my girlfriends job is and she just accepted college reimbursement for her graduate degree, so we estimate having to stay in the area for 5 years.
my goal is to buy a home that we can consider an investment. i have been looking for the last 4 years out of interest mostly. but i have found a home in town that is 99k, two family. we would like to buy this home, but it is obviously needs renovations.
i don't know if i want to go the 203k/203k streamline route yet, it seems like a lot of questions asked and i would rather not have to answer all of that. i have a few things i am considering and want to see if i can have them confirmed. the listing says that it will probably not qualify for fha financing unless a rehab loan is involved(the 203k).
what options do i have where the less questions are asked regarding the quality of the home?
cash obviously.
how about a conventional loan? will they not care about what condition the property is in?
if i have a family member who is willing to help me using a home equity loan, does the bank care in this situation?
i will leave it at this for now, and as other questions pop back into my head i will post them up.
thanks again,
devin
i have been searching the internet for awhile, and haven't been able to get all my questions answered so i figured its time i post up.
i am 22, my soon to be fiancé wife is 23 with a solid income. i am about to be done with school, we are both software engineers by trade. i also have quite a knack for building and home repair/maintenance. the town we live in now is not where we want to stay, but it is where my girlfriends job is and she just accepted college reimbursement for her graduate degree, so we estimate having to stay in the area for 5 years.
my goal is to buy a home that we can consider an investment. i have been looking for the last 4 years out of interest mostly. but i have found a home in town that is 99k, two family. we would like to buy this home, but it is obviously needs renovations.
i don't know if i want to go the 203k/203k streamline route yet, it seems like a lot of questions asked and i would rather not have to answer all of that. i have a few things i am considering and want to see if i can have them confirmed. the listing says that it will probably not qualify for fha financing unless a rehab loan is involved(the 203k).
what options do i have where the less questions are asked regarding the quality of the home?
cash obviously.
how about a conventional loan? will they not care about what condition the property is in?
if i have a family member who is willing to help me using a home equity loan, does the bank care in this situation?
i will leave it at this for now, and as other questions pop back into my head i will post them up.
thanks again,
devin
Welcome dtgl90vt,
You can go for a conventional loan. However, the lenders will appraise the property and check out it's condition before you get qualified for a loan. Apart from this, you will also have to meet the other required criteria of the lender.
You can go for a conventional loan. However, the lenders will appraise the property and check out it's condition before you get qualified for a loan. Apart from this, you will also have to meet the other required criteria of the lender.
So are you saying it would be more lenient regarding what condition the house is in compared to FHA, or the same, or it depends on the conventional lender?
Devin
Devin
Hi dtgl90vt!
Welcome to the forums!
As far as I know, it will depend upon the lender as to how he will consider the condition of the house.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As far as I know, it will depend upon the lender as to how he will consider the condition of the house.
Feel free to ask if you've further queries.
Sussane
Spent some time on the phone today with one of the lenders on the list of 203k supported banks from FHAs website. Found out that 203k streamline did not sound as bad as I thought, and the person I spoke to sounded somewhat confident in me doing the work myself. I finally heard back from the agent for the house I am looking at, he said it was a dump and needed to be nuked, but I am optimistic, so I am going to go see it. The other thing is that it is a short sale and there is already an offer in on it that has been for 2-3 monthes with Bank of America so I have to deal with that. Anyway learning a lot. Will probably remember a question here soon and post again.
Thanks Again,
Devin
Thanks Again,
Devin
Short sales can drag on for a long time and you must be patient enough if you want to buy this property.The bank will sell at their own pace.
For you to get a good return on this investment involve a good home inspector who can help you determine the cost of renovations required and also work with an agent experienced in short sales.
All the best
For you to get a good return on this investment involve a good home inspector who can help you determine the cost of renovations required and also work with an agent experienced in short sales.
All the best