Anyone know how to get a loan on a home with roof damage?

[red90cobra]

I've been looking at foreclosers but seems everything I like has roof issues. Anyone got any advice. I would put the money up front for the roof but my credit union wont do those anymore. Any info/advice is appreciated.

Thanks,
Srun

[clevelandkid]

Bribe the inspector?

[SVT Lurch]

You don't. (seriously)

There's no more "purchase plus" loans where you could purchase the house plus do a whole bunch of work to it and roll it all into the price. FHA still has their full 203(k) rehabilitation loan, but the only place I know of doing those is Wells Fargo retail and their rates are awful and most still take 60-90 days in underwriting.

[ceyko]

I've been looking at foreclosers but seems everything I like has roof issues. Anyone got any advice. I would put the money up front for the roof but my credit union wont do those anymore. Any info/advice is appreciated.

Thanks,
Srun

Just roof issues? hehe, most of the foreclosures I looked at had foundation issues.

[Denny]

You don't. (seriously)

There's no more "purchase plus" loans where you could purchase the house plus do a whole bunch of work to it and roll it all into the price. FHA still has their full 203(k) rehabilitation loan, but the only place I know of doing those is Wells Fargo retail and their rates are awful and most still take 60-90 days in underwriting.

Right. If you're going to jump into a basket case, you better bring your own cash (which is suprisinglt high lately).

[Real Estate Nate]

I need more data to give you any solid advise. Call me if you want.

[red90cobra]

You don't. (seriously)

There's no more "purchase plus" loans where you could purchase the house plus do a whole bunch of work to it and roll it all into the price. FHA still has their full 203(k) rehabilitation loan, but the only place I know of doing those is Wells Fargo retail and their rates are awful and most still take 60-90 days in underwriting.

What blows is I have the cash to fix it, plus the down payment.

[SVT Lurch]

What blows is I have the cash to fix it, plus the down payment.

You can pay to fix it prior to closing, sorry if that wasn't more clear. It would just have to be inspected by a structural engineer (foundation problems) or licensed roofer (roof problems) and given their blessing prior to closing.

Your only downside is if the seller does anything to the house or you decide to bail because then the work is done to the house and you have no way of getting your money back.

Talk to Nate, he'll be able to walk you through that portion of it. I'm just on the mortgage side and know that those items must be fixed prior to closing.