How to get enough mortgage loan money to do improvments when buying??

FHA has a product called the 203K rehabilitation loan. You can purchase the home and add the costs of improvements. You have to use a licensed contractor and you have to hire an FHA approved consultant to oversee the project, but it is a very easy loan to do.. There is also a conventional product out there as well, but not as easy to find.. Not every lender does the FNMA reno loans... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You're best option would be an FHA 203(k) Renovation Home Loan. If the amount of the repairs do not exceed roughly $30,000 and doesn't involve any structural changes, you would benefit from the streamlined 203(k). If any of the improvements are structural in nature, you will have to go through the full 203(k) and that process is much more complicated. Any further questions, please call me. Have a great Memorial Day weekend.

An FHA 203k is going to be the most easily found, but make sure you find someone in your area who knows how to do these. The next trick is to find a contractor who is responsive and doesn't mind extra paperwork. You may also find a portfolio lender in your area who has a rehabilitation loan product like this; these are typically found with lenders who do construction loans regularly. My suggestion is to find a local mortgage broker; they'll be able to get you with the right loan product and bank.

There are 2 programs available. FHA has a 203 K renovation program and FNMA has a renovation program. Do you know the dollar amount of the improvements you are looking to do?

I am a construction loan lender , for rehabs... please check out my my website.. its easy to do for the rehabs.. what is the price of the home?? linda www.yourloanpartnerforlife.com

William is correct. The FHA 203k is the perfect vehicle for what you want to do. Do work with a local Mortgage Banker/Broker and NOT with one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. The great thing about the 203k, is that the program will increase the borrowing power over and above the initial purchase price, allowing you to include the cost of repairs and upgrades, including new appliances, paint flooring, etc. into the new loan at today's great rates. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

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