If you want to buy a fixer upper, as you get a loan for the purchase price plus the cost of rebuilding?
For example, if the sale price is $ 80,000 and the property needs $ 20,000 in remodeling and / or repair at the time of purchase of the house, you can use a mortgage to the total? Or usually two separate loans that you can not get along? Looking only information on how all this funktioniert.Auch, I might add – I am more specific about buying a foreclosed home, where the property value to be greater than the possible selling price.
A HELOC is only for people who already have, and have a portion of their mortgage paid for, right? We did not buy a house, and we want to apply for a loan for renovation costs (house needs structural repairs.) We have, however, none of our own money to do all the work required. We are ready to offer a very small amount for home, but do not know how not to find funding for repairs. (Tell me not to buy the house. I know it’s always an option.)