Q&A: When buying a new home, can we finance fix-up money in?

Posted on Nov 4, 2024 in FHA Information

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Question by uatafoya: Does anyone know any wholesale lenders that do 100%?
I am looking for wholesale lenders that do 100% financing SIVA/SISA and Full Doc in California.

Best answer:

Answer by network marketing helper
I saw a banner at http://www.mygalaxyproducts.com for dropship wholsalers, medications the products seemed good as did the prices i was looking into it, doctor im sure that would work good for you..

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Question by Saul S: Can I get a home loan without a 2 year work history and a bachelors degree?
I graduated in May 2011 with a bachelors degree in Criminology. It was hard to get a job, for sale but in July 2012 I stated working in county jail. I been working there for the last 5 months, order my gross income is approximately close to $ 13,000. My credit score is around 720. I have 2 credit cards with a total balance for both of $ 1,500. I never been late with my payments. I have around $ 8,000 in my savings account.
I applied directly with Wells Fargo. Since I didn’t automatically qualified for the loan due to work history, they had to send some paperwork to the underwriter. I have to wait 4-6 days for notification.

What are my chances of getting a home loan?

Thank you

Best answer:

Answer by Ariaread
NO. You must have full time employment for 2 yrs. The lender requires you to provide your tax returns. The regulations will NOT be waived just because you have a degree

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Question by Random_Girl: When buying a new home, price can we finance fix-up money in?
If we’re looking at a house valued at around $ 98K, but selling for 81K, would we be able to finance an extra 10K into the purchase for repairs and such, and if so, would we face a higher interest rate or a different type of financing?

Thanks!
We’re in Dallas/Irving TX

Best answer:

Answer by Henry
You would basically get a home equity loan for the difference. You can do whatever you want with that money, usually.

Good luck!

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3 Comments

  1. paradiseagain07 January 23, 2013

    normally not, but i have read they do this type of financing in various parts of europe…

  2. sdn90036 January 23, 2013

    If you have good credit you can do just about anything.

    If you don’t have good credit, generally you have to put at least 20% down.

    Good luck.

  3. trblmkr30 January 23, 2013

    Yes, there are loans out there that will offer you the extra money to do the fix-up work.

    I don’t work there, but one of my local Wells Fargo lenders was just telling me about a loan that worked like this. ONe of the main prerequisites is that you had to have approved contractors in place to do the work.

    I don’t know the specifics, but I’d go over to Wells Fargo and see what they had to say.

    Best of luck!

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