Fixer upper..suggestions on financing - Posted by Rafael_FL

Posted by Rafael_FL on December 18, 1999 at 21:00:21:

My wife and I are currently in the process of refinancing our current home. I had a BK in '94, and have since taken out this mtg @10.65 with the Money store, as well as about 30k in auto loans, and about 5 credit cards. All paid on time. The Money store mtg does not report on the bureau, and a local bank is doing a refi at 8.15, and will report. I am financing 80%, and taking @7k out.

New house we are now considering: tax assessed value is 87k, comps in the neighborhood going for $105-120k. Current owner is a trust in California that held a private mtg for a guy who totally trashed the house. Holes in the wall, needs landscaping, new appliances, repainted in & out. We can do most of the work. Have indicated to the atty locally that we might consider an offer around 70k, and he said it sounded feasible. The owner called from CA and said they are listing the prop, but we would be the exception. Wants to check out the damage first, but will sell as is. I am estimating @10-15k to repair.

What are my options to finance this property? Would a 203k work? If so, what would it do for me. My credit is getting better, but not the greatest beacon score yet. Debt to Income is good even with another mtg. Same bank pre-approved me for 80k loan on a new house we decided to pass on. I really would appreciate any help.