Posted on: 17th Jan, 2013 02:23 pm
hello.
my wife and I are currently looking for some help and we found this site. here is our situation. we currently own four homes in PA free and clear, our primary residence, 2 sides of a double and another home which my mother in law lives in. our plan is to renovate the double home making it 1 house and totally gutting and remodeling the entire house from the ground up and make this our primary residence. then when it is complete we will move into that home and sell our current home. what is the best type of loan for this situation? even though the house we live in currently is fully remodeled it does not have the equity to take out a loan for this renovation because of the geographical location of the house. we have excellent credit we are both prime plus but we are having difficulty obtaining a loan for this situation. we have been in contact with many lenders and have been overwhelmed with reading about the various loans from 203k loans, to blanket loans, etc, but we don't know what to do. we have read a lot of nightmares regarding the 203k. what is the best solution to this problem? we would like to get a 30 year fixed rate conventional loan but this doesn't seem to be an option.
please excuse the long winded post. it is very difficult for me to type all this on a smartphone.
thank you in advance for your help.
my wife and I are currently looking for some help and we found this site. here is our situation. we currently own four homes in PA free and clear, our primary residence, 2 sides of a double and another home which my mother in law lives in. our plan is to renovate the double home making it 1 house and totally gutting and remodeling the entire house from the ground up and make this our primary residence. then when it is complete we will move into that home and sell our current home. what is the best type of loan for this situation? even though the house we live in currently is fully remodeled it does not have the equity to take out a loan for this renovation because of the geographical location of the house. we have excellent credit we are both prime plus but we are having difficulty obtaining a loan for this situation. we have been in contact with many lenders and have been overwhelmed with reading about the various loans from 203k loans, to blanket loans, etc, but we don't know what to do. we have read a lot of nightmares regarding the 203k. what is the best solution to this problem? we would like to get a 30 year fixed rate conventional loan but this doesn't seem to be an option.
please excuse the long winded post. it is very difficult for me to type all this on a smartphone.
thank you in advance for your help.
You need to sit down with a mortgage broker or banker that specializes in renovation financing. FHA 203K is a possible option but there are also conventional programs available.
Can anyone here recommend someone from northeast PA?
Thanks
Thanks
Hi Austin,
You can check out our lender's directory in order to find out lenders based at PA: http://www.mortgagefit.com/lenders/dir/ .
You can check out our lender's directory in order to find out lenders based at PA: http://www.mortgagefit.com/lenders/dir/ .