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Can You Get a Mortgage Loan for a Fixer-Upper?
Manage episode 167785313 series 1323688
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There are a lot of different loan options out there. One involves working the cost of home repairs and renovations into your mortgage loan.
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Today we are answering a question from Alyssa Baker, who asked us, “Many homes in my price range need a lot of different updates. Is it an option to work the price of these updates into a mortgage?”
The answer is absolutely yes, and you have a few different options to do this. One is an FHA 203k loan. This allows you to find a property that needs work, get estimates from a contractor, and move forward with the loan if everything checks out. Your lender will also order an appraisal, look at the potential repairs, and determine what impact it will have on your home’s value. As long as the repairs will be worth it, you’ll be able to get that loan. There are some more details that go along with this, but the idea is you can build the repairs into the loan.
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You have a few different options.
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Another option is to do an in-house loan from a local lender where you can essentially do the same thing. There other other options as well, but this is what the process might look like for you.
If you’d like any more details or if you have any questions for us, don’t hesitate to reach out. We would love to answer your questions, and if we can’t, we would love to connect you with one of our preferred lenders who can. We look forward to hearing from you soon.
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