3 Thoughts on Is there a mortgage, the money factor for house repairs?
  1. Reply
    rusty_266
    December 19, 2012 at 1:29 pm

    Unless you are a general contractor that already has a relationship with a bank for these types of loans, generally no. That doesn’t mean it can’t be done, but it will be rare to find a bank willing to make a loan on any property needing repairs. You have a couple of options. Either find a contractor to get a construction loan for the project which will transfer to a home loan when it is finished, or come up with a way to purchase the home yourself without a bank. If you know someone, have a lot of savings, credit cards, etc., you could buy the property, make the repairs, and then get the loan from the bank.

  2. Reply
    Alterfemego
    December 19, 2012 at 2:03 pm

    FHA203K, finding a lender that handles these is hard. Wells Fargo is one, check with your local lenders that offer FHA loans.

  3. Reply
    I Buy And Sell Houses
    December 19, 2012 at 2:57 pm

    As Alterfem says, what you’re looking for is a 203(k) loan. It does exactly what you want–lends money based on the after-repair value of the property. Just look for a lender who does 203(k) loans.

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