Trying not to get our hopes up...

Marie Tourville

But there is a house not far from us that is really cheap.  It needs quite a bit of work...but we have family that could do it because that is what they DO for a living.

Like...we could get the house for around $30K...take out a mortgage for about $70 and use that $$ to fix it up and we would still pay less then we do each month in rent!

Send vibes please!

CABunny

Oooh good luck!

papagena

I hope it works out- Sounds exciting!  I think you'll have to get 2 seperate mortgages, though - usually they won't do one for both the house and improvements.  I may be wrong, though. 

cooksr

oh - sounds like a great deal - hope it works out!

triumphantreturnofplanningbug

Fingers crossed and saying prayers!!

Marie Tourville

We are first time home buyers and there are special grants for buying here in the city so if we can get this it would be uber cheap!

Marie Tourville

cmeon_the_water:

It's really tough to get a construction loan anymore, and you really can't get a mortgage for more than the home is worth, either. Do you have good collateral? If so, it's probably doable. Good luck- I hope it works out for you!

We can almost buy it with cash.  But we want the 1st time home buyer credits and stuff.

TCsbride

Awesome, GL! And yes, like someone else said, you'll probably have to get two different loans unless the house actually appraises for $70K in the shape it's currently in. Otherwise they'll do a mortgage and a remodeling loan which is at a higher interest rate.

We've remodeled our entire house over the past two years. It's been a TON of work, but let me know if you have any questions on saving money. We're done almost everything on a 2,000 sq ft ranch for under $20K!

peachypear

You typically can't get a mortgage for more than the house's appraisal. I believe you need to get a construction loan, then reappraise the house after you complete the work to pay off the loan with the increased equity.

GL!!! I love owning our own home - especially around tax season I'd love it even more if we paid less than $100K for it!

papagena

peachypear:

GL!!! I love owning our own home - especially around tax season I'd love it even more if we paid less than $100K for it!

 LOL - ditto this!!

AmandaHearn

That would be great, good luck!

517butterfly

Good luck!!!  Thats what DH & I plan to do when we finish up grad school!

TCsbride

I say even if you can't get a construction/remodelers loan, def go for it anyway. Get the mortgage for as much as they'll allow, take advantage of all the first time home buyer credits (I know in our city, we didn't qualify because we had too much in savings! But that was 5 years ago), and then if you have to, do the improvements with cash as you go along. Prioritize what absolutely has to be done and then move through things as you save the money up. This is exactly what we've done on our first house and our current house and made out big time! GL!

Fun2Dream

WOW! Good luck! ?I hope you get it and that it's perfect for you

goinggreengirl

Good luck. That would be awesome for you guys!

luciagdelopez

cmeon_the_water:

It's really tough to get a construction loan anymore, and you really can't get a mortgage for more than the home is worth, either. Do you have good collateral? If so, it's probably doable. Good luck- I hope it works out for you!

Also, lenders are being extra anal.  So, good thoughts and prayers your way.

purplepuggles

ooh! vibes!!

Marie Tourville

I just talked to my aunt's SIL who is probably going to be our Realtor.  She said that no matter how bad our credit is the fact that we could pay for it in cash if we wanted to will make things okay.  The only reason for us to get a mortgage is to get the city's grants and first time home buyer $. 

I have a call in to the finance guy and we are hoping to see the house this weekend.

Now...if only the stupid check would get here!!!

babybird7

Wow that would be great!  hope it works out for you guys.

LouiseH

Buying a home is so exciting! I don't know where you're looking but we're in Minneapolis and around us there are a few in foreclosure, and a few that need quite a bit of work done to them, and they're really cheap. (And it's not a scary neighborhood or anything). So lots of luck, but if it doesn't work out, don't get discouraged, I'm sure you'll find the perfect one for you!

Marie Tourville

LouiseH:

Buying a home is so exciting! I don't know where you're looking but we're in Minneapolis and around us there are a few in foreclosure, and a few that need quite a bit of work done to them, and they're really cheap. (And it's not a scary neighborhood or anything). So lots of luck, but if it doesn't work out, don't get discouraged, I'm sure you'll find the perfect one for you!

E-mail me at hippinski@gmail.com ~ I'd love to hear what area you are in and tell you where we are looking.

LouiseH

ygm :-)

(just letting you know incase your spam box is hungry like mine is ;-)