non-investor rehab mortgage - Posted by Lotta


#1

Posted by Kurt Schultz on October 09, 2006 at 11:03:24:

From the brief research I have just done, it appears that the C2P loan is available for Georgia.

If you would like for me to look into this further, please contact me.


#2

non-investor rehab mortgage - Posted by Lotta

Posted by Lotta on October 06, 2006 at 19:38:41:

Where is the best place to go to get a mortgage to rehab an absolutely wonderful house I want to live in? My husband and I presently own a home which he does not want to sell. It is worth 150-165,000 and we have a 100,000 mortgage.

I have no money to speak of, around 5000-7000. We are self employed, make a decent income 100-125,000, have only fair credit due to the fact that we supported a couple of relatives for two years, to the detriment of our own well-being, to the tune of about 120,000, and are still recovering. I want to get a single mortgage to purchase/rehab. I have been told that I can finance the purchase only if the home is habitable, which it is not at present.

My husband’s heart is not in this purchase, but he said he will support my trying to buy it, will pay for it. The house is amazing, needs me. What next?


#3

Re: non-investor rehab mortgage - Posted by Max-Va

Posted by Max-Va on October 15, 2006 at 21:18:44:

"My husband’s heart is not in this purchase, but he said he will support my trying to buy it, will pay for it. The house is amazing, needs me. "

This statement bothers me a litle. I did a project where my wife was against it. It was the worse project I ever did. I barely broke even on it. In the process, I almost lost my wife and family.
My advise is simple: NEVER do a project that you and your spouse are not in full agreement. No amount of money is worth the aggreviation.
just my $.02


#4

Re: non-investor rehab mortgage - Posted by Kurt Schultz

Posted by Kurt Schultz on October 08, 2006 at 04:36:51:

I have a lender with a good Construction-to-Permanent loan program, but it’s not available in all 50 states.

What state is this property located in?


#5

Re: non-investor rehab mortgage - Posted by Max-Va

Posted by Max-Va on October 07, 2006 at 09:50:10:

There are several loan programs that are available to brokers. They will loan purchase price and rehab money and work off of After repair Value. These loans are available to owner occupieds only. See a good local mortgage Broker


#6

Re: non-investor rehab mortgage - Posted by Lotta

Posted by Lotta on October 17, 2006 at 09:20:08:

Dear MAX-VA,

This is interesting. We live in a small town, and “the house in question” is in the country, ten miles away. My husband likes living in town, walking to the hardware store, P.O. , etc. I had a small amount of guilt for pushing the idea of the country house, but not a lot, because we need a bigger home, more storage, etc.

In these past weeks hubby has been away on business, so I slowed down, kind of decided to stop pushing so hard for the house, waiting for him to return and take up again, the idea of purchase and rehab.

THEN, a dear friend, neighbor, whose home I have loved for years, told me he has to sell in the not-too-distant future as he has to go into nearby assisted living. There is a real possibility that his home can be ours, in town, with minimal construction to make it suit us very well. My husband is 100% in favor of this plan. SO! Two weeks ago I would not have thought I’d willingly have relinquished the idea of the country house for ANY reason; it seemed the absolutely RIGHT move to make. Now I have an entirely altered sense of what we may/might/should do! My husband and I are at least back on the same page regarding a move.

And we both feel peaceful, and happy about waiting for our friend to do the things he has to do before making HIS move, and his home being available to buy. While I “sense” that this house WILL work for us, I am now open to the idea that we need to take our time and “allow” it to be the best move. We are pursuing the idea together, and together, will see what happens. I am grateful for your $.02 worth of good advice, and I hope this helps others who may be moving too quickly in a wrong direction to slow up and allow another plan to emerge! I am sorry your advice had to come at the cost of such disruption of your life, but it ended with your being wiser and able to share your wisdom. I thank you!


#7

Re: non-investor rehab mortgage - Posted by Lotta

Posted by Lotta on October 08, 2006 at 15:32:47:

Property is in GA. Thanks for your response.


#8

Re: non-investor rehab mortgage - Posted by Lotta

Posted by Lotta on October 07, 2006 at 15:56:20:

OK! This house is my destiny It WILL happen. THANK YOU for your advice. I’ll check in again when we’re actually working on the house. I read around more on the site and found similar remarks, so a broker is undoubtedly the way to go.

Love the site, will spend time here in the future for sure. Maybe I’ll go into business!