Is this a way to finance updating a home wanting to purchase?
Example: If a home has a listing price of $85k, and comps in the area run $120, and it can appraise for $100k.... Would a lender support you to purchase the home at which above price? Why am I asking? Virtually no pre-owned home has the fully wheelchair accessibility already there. We would need to widen doorways, roll in shower, support bars around bathroom toilet & wash area, open up area under sinks for legs, ramps in/out home, widen kitchen, make washer/dryer/utility room larger and other such items. We need to have some way of being able to 'finance within the purchase' the improvements needed. What is the liklihood that a home (not trashed) would have such a dollar variance to work with? I've thought of finding a home and putting an ad in the paper looking for a professional Real Estate "flipper" with experience, who would have guaranteed buyers w/those changes if he'd do the re-do. Your thoughts & suggestions on this. Thank you for your time! 091307 7:45 By the way - I'm in Texas, Collin County.
Public Comments
- look into the FHA rehabilitation program....it's pretty good. you can rehab certain things of the house not everything
- Ask your local lender about the FHA 203K streamline program. It will allow you to rehab the home and loan you the money for the updates based on the appraised value with the improvements. The streamline program allows you to make up to 30k in improvements. If it will cost more, then FHA will allow the 203k but the the assistance of a HUD consultant. It is a bit more detailed.
