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Mar. 2nd, 2006 03:29 pmSo my question is - does anyone know if it's possible to get home repair financing at the same time as a mortgage - esp if the total of mortgage + repairs loan is less than you are approved for a mortgage? Suggestions of other ways to do this?
[edited to make the question more obvious]
Hmm, anybody I talked to for more than a few minutes on Fri or Sat of Pcon heard me trying to decide whether to put an offer on a particular little house. It's one that I definitely could afford if I can afford anything and can totally see myself living in.
I was looking for two kinds of info - info about that area because I haven't lived there before and several of the folks I spoke to do live there, and info about certain types of things that I know or suspect need fixing as the house has been single owner-held and no maintenance since it was built (a little before WWII).
On Monday I had to decide right then whether to make an offer, there were 4 others, and I decided not to.
Now I find out that the buyers are almost certainly backing out after trying to talk the price down without actually getting any inspections done. So I get to decide again whether to do this.
If most of what I know or think might be wrong with it is wrong, the house is cheap enough that the total cost including repairs is still probably reasonable.[*] However I would definitely get inspections in my contingency period![**] The problem is that there is only a limited amount % that I could get credited back for repairs to roll the repairs into my home loan.
Some things could be deferred for awhile, some I may have to do before I could move in.
This means I should also get the time to drive there at night, which I'd been unable to do before because of Pcon.
[*] Depending on what people push the price to of course. The price they seem to be trying to get is 1/6 higher than the listed one and I don't know how many of the other 3 will bid again.
[**] There is some possibility that even with repair financing this would be a no go due to repairs needed or other issues (timing is a big issue for me at the moment).
[edited to make the question more obvious]
Hmm, anybody I talked to for more than a few minutes on Fri or Sat of Pcon heard me trying to decide whether to put an offer on a particular little house. It's one that I definitely could afford if I can afford anything and can totally see myself living in.
I was looking for two kinds of info - info about that area because I haven't lived there before and several of the folks I spoke to do live there, and info about certain types of things that I know or suspect need fixing as the house has been single owner-held and no maintenance since it was built (a little before WWII).
On Monday I had to decide right then whether to make an offer, there were 4 others, and I decided not to.
Now I find out that the buyers are almost certainly backing out after trying to talk the price down without actually getting any inspections done. So I get to decide again whether to do this.
If most of what I know or think might be wrong with it is wrong, the house is cheap enough that the total cost including repairs is still probably reasonable.[*] However I would definitely get inspections in my contingency period![**] The problem is that there is only a limited amount % that I could get credited back for repairs to roll the repairs into my home loan.
Some things could be deferred for awhile, some I may have to do before I could move in.
This means I should also get the time to drive there at night, which I'd been unable to do before because of Pcon.
[*] Depending on what people push the price to of course. The price they seem to be trying to get is 1/6 higher than the listed one and I don't know how many of the other 3 will bid again.
[**] There is some possibility that even with repair financing this would be a no go due to repairs needed or other issues (timing is a big issue for me at the moment).
