Borrowing On A Repaired Fixer Upper
I have a vacant brick SFR home in South Carolina that is paid for, it has been renovated and has been on the market for sale for several months. I would like to borrow on the equity instead of waiting until a buyer is found. The house appraises for about $59,000 and I have very good credit. What type of loan can I get on the property? [ Edited by watson29512 on Date 11/01/2004 ]
Hi,
I wanted to let you know that in your heart of hearts if you would ideally like to sell this property, rather than refi and hold, to get your cash back out, there are excellent programs available for rehabbers to use temporary owner financing to enlarge your buyer pool, enlarge the amount of offers, to help sell your property faster, which allow you to take a minimal discount on the purchase of the first lien.
It's good to know what is out there as options available to you.
Hope this helps, Dave
First, when asking for a refinance loan, I think you should find out the seasoning requirement and if there is a minimum loan amount. Usually that will be 12 months of ownership and $50,000 minimum loan amount. But I know it is possible to get a 90% loan for 30 years with 6% interest.