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What kind of house should I try for?
My apartment complex is going up on my rent to $700.00 from 550.00. I have looked at buying a house instead and I am finding that if I do my homework, I can buy a house for less than $100,000. I would be buying a house for $400.00 or LESS a month. I could get some properties with varying degrees of damage or age. If I qualify for a home loan, how do I borrow more than the asking price, in order to update or remodel. If I qualify for a $100,000 loan and I find a house for 69,000, can I borrow the rest for repairs?
2 Answers
- 9 years agoFavorite Answer
The loan you are looking for is called an FHA 203K loan. HUD will allow you to finance a minimum of $5000 and a maximum of $35,000 in rehabilitating the property. So if the purchase price is 69K your base loan amount would be $66,585 plus up to $35,000 in qualified improvements. Note: You will still need to put the 3.5% down unless it's a HUD REO then you can do $100 down.
Source(s): I am a licensed mortgage banker with 10 years experience. - Justin CredibleLv 59 years ago
You can get a small 2 bedroom. That would be perfect. But make sure it is in a good area. I bet a lot of houses that are not worth crap is becuase it is in a gang banger, thief stealing, Mexican populated area.
You don't want to live there. But if you search hard enough. In a good area you can find a nice small cheap house. That's what I plan on doing.
