With a conventional or FHA loan, can I use some of the money for fixing the property?
I am looking to buy a duplex (owner occupied). This is my first purchase so I am a little confused. Can I take out a loan for a higher amount and use the extra money for repairs? If so how does the money form the bank come? In a big check that I can split between the purchase and rehab?
Tags: conventional, fixing, Loan, Money, Property, Some
2011/05/08 at 22:36:48
Try Contacting Globaly Loan Agency,They are faster than banks.I got a Loan of $178,000 from a Certain Agency interest rate of 0.2% i advise you contact them.
reach them through their Yahoo email account.
globaly_aquinted_org@yahoo.com
2011/05/08 at 21:58:45
my peers are basically correct.
However, in our unique capitalistic system, negotiation is
still part of the “idea.” So, before you buy, ask the lender what
options he/they have for this.
Some will let you take out a first and second [2nd just for repairs]
others will do a blanket [to cover the repairs], others will ask that
the seller do them, etc.
ASK and ask for what you want==
lenders are still in the biz
of renting $.
[and btw--duplexes are not
necessarily the best investments;
consider also tax lien certificates
or just plain RE tax sales
at your county treasury once
each year.]
2011/05/08 at 21:44:29
if you do get a loan for the extras, the lender will want to issue a check to the provider of those extras, and not to you personally.
2011/05/08 at 21:15:50
No. The lender will only fund the purchase price. You can only do what you are asking when you refinance. Have the seller do the repairs before close of escrow and condition for it on the purchase agreement.