7 responses to “can I get a loan for more than the purchase price on a foreclosure home for repairs?”

• 

  golferwhoworks October 10th, 2009 at 23:48

  HENRY

  no purchase price only less your down payment

• 

  BU October 11th, 2009 at 10:11

  JIMMY

  If the home was listed at $75K then you can only get the repair allowance from the seller. You cannot inflate the price to get money back at closing, its illegal.

  You can however get a home equity line of credit (HELOC)for up to 100% of the value of that home. Thats a line of credit so you won’t be charged any interest until you start to write repair checks or whatever you need the cash for against it.

  Good luck in 2009

• 

  loanmasterone October 12th, 2009 at 20:26

  JONATHAN

  You have to check around about a few government loans and some city loans, but yes there are a few loans that will allow you to borrow to repair certain things in your property you are buying.

  FHA has a 105% loan. There are down payment assistance loans from the city and county. There repair loans from the county and city. check with your mortgage broker especially if your mortgage broker handles FHA loans. Of course you have to have a mortgage broker that understand the mortgage programs available to buyers.

  The problem with these loan programs is that you must call and see if your can qualify for them.

  You should check with the City Housing Department in your local city for any such programs.

  I hope this has been of some use to you, good luck.

  “FIGHT ON”

• 

  Noneya October 15th, 2009 at 13:46

  TYRONE

  You need an FHA 203K loan.

• 

  Brother Otter October 17th, 2009 at 15:32

  LEO

  The FHA has a loan program where you can roll the estimated cost of repairs into the home purchase price. However, the repair estimates must be from professional firms not your brother in law.

• 

  Scott D October 20th, 2009 at 10:34

  KYLE

  If you are approaching this as an investor, you may be able to get what is known as a “hard money” loan for the purchase and renovation of the property. Hard Money lenders are generally private lenders who specialize in loaning money to real estate investors. Generally they will want to limit the loan to no more than 65% to 70% of the after repaired value of the home. So if the home will appraise for $130K after the repairs are done, the maximum loan would be around $85K including purchase and repair funds. A hard money loan is a short term loan, usually 6 months, and the interest rates are very high, usually 15% with some additional fees up front. But using a hard money loan you can get the property fixed up and either resell it or the refinance into a permanet mortage. If you are planning to live in the home, the FHA 203B program may also be a good route to look into.

• 

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