Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Mortgage question..
Hi everyone!! I am asking questions before we go to the bank Sat. My husband and I have been renting for the past 5 years and have decided it is time to buy. After not finding anything we really love, we stumbled upon a home that needs some care. The person who built the house and lived there for 50 years recently died. He was a stone mason and the foundation is amazing. It does need some electrical work (my husband is an electrician) and a new roof. It also needs some cosmetic work due to it being outdated. The house has beautiful land and great sq. footage. The house is on the market for 89K. We would like to also ask for money to do some repairs. Prob about 25K. Do we ask for a higher mortgage? A loan? Has anyone done this before?? We always said we didnt want a fixer upper but something about this house is special. It has great bones and amazing character! Are we crazy?
Re: Mortgage question..
You can also talk to them about getting 2 mortgages - one would be for the property itself and the other would be a construction-type loan, but those are very short-term and have much higher rates.
You do have some options, but you'll also need some cash for down payment since many FHA loans will not allow you to buy a house without some improvements...roof is one of those, so you couldn't close until the roof work was completed or in escrow.
...baby #3 is here...
As the others have stated, the FHA 203(k) is the way to go for something like this I have never gotten one but from what i've heard it isn't really hard to qualify for and the down payments won't bring a tear to your eyes, lol.
Now FHA loans are quite limited as they don't loan out a huge amount so I would advise you to get an accurate estimate on the repair costs and get a loan that can cover it..