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About Brian HAHN
Expertise
I am a mortgage banker/loan officer.Have top knowledge of all types of mortgage loans.Can assist nearly anyone looking to finance a residential property.I enjoy traveling [Society Islands (Tahiti, Bora Bora), Hawaii (Maui) and Africa (Zimbabwe)].I keep detailed information on adventures and am willing to share this information with others.{{Bachelor of Science in Business Administration from the University of Iowa, 1986"

Experience
Home Buying

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Financing for Home in Midst of Remodeling

Real Estate Home Mortgages - Financing for Home in Midst of Remodeling

Expert: Brian HAHN - 7/26/2009

Question
We are first-time homebuyers considering buying a foreclosed house that is in the middle of being remodeled. It has been stripped to the studs and subflooring throughout. It is in Atlanta and is listed at $180,000.

Our household income is $130,000 and we could make a down payment of up to $50,000. We have student loans of $135,000 and no other debt. What are the chances of us getting financing for this house in today's market? What type of loans and sources should we investigate? Thanks for your help!

Answer
Garrett,
I recommend you discuss this with your Realtor and local loan officer for specifics.

I have two options come to mind:
1) Find out if the property you want to buy is owned by FNMA and eligible for the homepath renovation mortgage.

2) FHA 203(k) loan where repairs to complete property are under $35,000.00.

I wish you nothing but the very best on your new home purchase.

Respectfully,
Brian Hahn

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here