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Got Steak Taste and Hamburger Budget?

So – how do you handle when you want to buy a house and you have steak taste – but hamburger income? You want to buy a house that is under 100,000 in a good area, and want to renovate it. How do you get financing for a home? Who will give you a loan? The NCHFA follows FHA guidelines – so if you want to renovate, it has to be done before you buy it. So that first time home buyer program isn’t an option here.

Durham is filled with great houses that have renovations started but not finished and the houses are now for sale. So you want to take out a wall to open up the face, finish the floors with hardwood, kitchen needs work, bathroom needs work, might need new HVAC or lighting, electrical or plumbing. Maybe you could do the whole thing for $30,000 to $50,000 and you will have a fabulous house. But – how do you get the money?

One way is to work with a local bank that is invested in the community. They will make a loan and hold it themselves – in other words, they won’t sell it to a secondary market. They’re going to want an appraisal to the house as is and what the house will value when the renovations are completed. They will often loan up to 80% of the total cost of the project. If you’ve got a hamburger priced house that you can turn into steak, contact me. I work with several banks that would be interested in talking to you.

Give me a call. Let’s find you a house you can turn into a home!

PS Take a look at this home in Durham just waiting for your loving care!