Posted by ron on March 22, 2007 at 17:57:08:
Yes! However with the Wells Fargo loan they can work around that, I’m not sure with Greenpoint.
I need help with loan advice, quick! Part 2! - Posted by Justin Tovar
Posted by Justin Tovar on March 21, 2007 at 22:32:38:
okay, I had already posted a question before this one, but I now have all the info for the deal and I will be more specific.
I have a house in San Antonio TX, I will be purchasing the property @ 17,500, the closing cost will be 4,500. The total so far is 22,000. Me and me dad can do all the work that needs to be done, roof, leveling, paint, ect. we worked the price to rehab everything and at the worst we would be @ 17,000, thats 39,000 total, lets just say 40,000 total.
I had my agent pull the comps for that area, and I can surely say that I will be able to sell the house in 2 yrs (if I choose to) for no less than 65,000!
My plan is to buy it and live in it for at least 2 yrs, so I can net all the capital gains. I had stated in my first post, that my mortgage comp would only do “move in ready” deals.
I need some advice from you guys out there on what to do. I would think the best thing would be to get a rehab loan where I get the purchase amount and money for the rehab, My bank (credit union) does not do these loans and I called Washington Mutual and they also said they do not do these loans. Does anybody know what banks do these loans in San Antonio TX? Thanks for all your help!!!
Re: I need help with loan advice, quick! Part 2! - Posted by ron
Posted by ron on March 22, 2007 at 11:43:52:
Wells Fargo & GreenPoint Mortgage have a renovation loan program you can try.
Re: I need help with loan advice, quick! Part 2! - Posted by DJ-nyc
Posted by DJ-nyc on March 22, 2007 at 14:49:17:
Don’t they have to have a licensed contractor do the work?
Re: I need help with loan advice, quick! Part 2! - Posted by Justin Tovar
Posted by Justin Tovar on March 23, 2007 at 15:37:02:
yes, we have a licensed contractor.