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Needs 203K Loan |
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I am interested in this house in Brownstown, MI. It is a bank owned property and the previous owners stripped the kitchen of its cabinets and sink. I am going to be getting an FHA loan to buy the house I pick but with this one, they say that FHA wont sell if the home is not livable. I've heard of FHA 203k / 401k type loans that can assist with the repairs but I have also heard that most banks or mortgage companies dont accept those type of loans. What options do I have that meets Michigan law. I really want this house but I feel like I am up against a wall here.
Thanks
Nick |
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I assume you've investigated whether the bank itself is ready to help with mortgaging? After that, you can speak with a mortgage broker -- consult more than one, it shouldn't cost you anything -- to see if they know of any local lender handling 203k loans. It is just the right thing for your situation, if you can find it. As you know, it allows money not only to buy the property, but also to make substantial repairs.
Otherwise, I don't have much advice -- just wish you good luck. |
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Edith
Originally published on August 26, 2008 |
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