Buying a Home
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    TruckFarmer55's Avatar
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    Buying a Home

    Kind of an odd question. But has anyone bought a house that needed a renovation without having the money to purchase the property outright? Or using an FHA203(k) loan. Curious as to how people worked it out. I know it can't be impossible.
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    Are you trying to roll the renovations cost into the loan??

    My SIL bought a home that needed renovation,,
    he paid for the renovations out of his pocket,,

    Simply finance the home for the finance value,,
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    Truck farmer 55
    20 years ago we purchased a home with a RENOVATION LOAN.
    The bank had a (for lack of a better title) project manager inspect the property and list all the work that needed to be done along with the cost for each (plumbing, electrical, roof windows etc etc) using contractors.
    That amount was added to the price of the property. The property was bought. As things were completed and inspected by the project manager , I received a check to pay the contractor or, as I did most of the work myself, to reimburse me for receipts I had for material used on that particular job. After the renovation was completed any money left over from the renovation part of the loan was deducted and the loan was converted to a regular mortgage.
    I hope this helps you, I'm willing to try and answer any questions you have limited only by my memory
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    Senior GTT Super Slacker Gizmo2's Avatar
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    Quote Originally Posted by TruckFarmer55 View Post
    Kind of an odd question. But has anyone bought a house that needed a renovation without having the money to purchase the property outright? Or using an FHA203(k) loan. Curious as to how people worked it out. I know it can't be impossible.
    Interesting topic. Thanks
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    Quote Originally Posted by Gizmo2 View Post
    Interesting topic. Thanks
    yes i agree it is ^^^^^^^^^^^^
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    I've done this a few times using a heloc on another property to pay for the house and the renovations as they occurred. When it was done I re-financed the rehabbed property to get the mortgage balance to it and paid off the heloc so it was available for the next project.
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    Quote Originally Posted by Rogero246 View Post
    Truck farmer 55
    20 years ago we purchased a home with a RENOVATION LOAN.
    The bank had a (for lack of a better title) project manager inspect the property and list all the work that needed to be done along with the cost for each (plumbing, electrical, roof windows etc etc) using contractors.
    That amount was added to the price of the property. The property was bought. As things were completed and inspected by the project manager , I received a check to pay the contractor or, as I did most of the work myself, to reimburse me for receipts I had for material used on that particular job. After the renovation was completed any money left over from the renovation part of the loan was deducted and the loan was converted to a regular mortgage.
    I hope this helps you, I'm willing to try and answer any questions you have limited only by my memory
    This sounds like it was kind of a construction loan which rolled into the house purchase.

    —————

    I call the type of thing the OP is trying to do is a need for what I call “creative financing”. It may take some time and a lot of phone calls but it can be done. I feel that most bigger big name banks would turn you down. But with some research you may likely find a small bank or credit union to work with you.

    Are you in a farming community? A farm bureau type bank should be more forgiving for something like this also.
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    Quote Originally Posted by coaltrain View Post
    This sounds like it was kind of a construction loan which rolled into the house purchase.

    —————

    I call the type of thing the OP is trying to do is a need for what I call “creative financing”. It may take some time and a lot of phone calls but it can be done. I feel that most bigger big name banks would turn you down. But with some research you may likely find a small bank or credit union to work with you.

    Are you in a farming community? A farm bureau type bank should be more forgiving for something like this also.
    Its very similar to a construction loan, at least in function, from my limited experience.
    We looked into one a couple times, but never went forward with the purchase.
    Most mortgage companies have them, and they arent all that hard to get if you can get a standard mortgage.
    The thing about it is, you have to know what you want to do up front, and cant really deviate from that moving forward.
    Say you want to replace drywall in two rooms, plumbing in kitchen, and flooring in all rooms but bedrooms.
    You list all that, and have to have estimates from the companies to do the work.
    Then if anything changes, like you discover another room needs drywall, or the bathrooms need plumbing work, etc, it can be an ordeal to get it approved and added into the deal.
    Once work starts, I have no idea how that goes, but my understanding was that they pay out a bit here and there as the work is done, and when its finished, it becomes a normal mortgage.
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    TruckFarmer55's Avatar
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    Tomorrow is phone call day. I'm calling my usual bank to start. They are smaller and it is a very ag related community. I also could call Greenstone. I have a number for a mortgage broker as well that I've been told gets creative. My fiance chose to try the FHA loan, which I was not a fan of. It's not going to work. We know the owners pretty well and it's probably the most affordable property in our area. We have a contractor lined up and he had already submitted a bid for the total project, I know him personally as well. The FHA loan wanted too much personal information from him that was unrelated to the project so he said he will work with us just not using that loan. I can't say I blame him. We do already have a purchase agreement with the owner so between that and the current bid from or contractor we should just need to find another financing option. Also the woman who is selling it is a manager at one of my banks branches. I'll keep updates coming as this appears to interest some people.
    Last edited by TruckFarmer55; 02-21-2019 at 10:10 PM.
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    Sounds like you are on the right track - good luck!
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