Bank Foreclosure Rates
December 29th, 2006
Bank Foreclosure Rates
Question: When do I need a construction loan on a bank?
We want to buy a foreclosure that is very damaged cosmetically (no appliances, pee all over the hardwood floors and walls, smelly, ugly, etc.). Is it true that I need a construction loan for this type of purchase? If I have my down payment plus the money I need to make it livable, why would I have to get a construction loan at a higher rate. I just want a conventional mortgage on this.
Also should I get the loan from my lender or from the bank that owns the home? Thanks,>
Answer: I wouldn’t mess with the bank that owns the home. They’ve been burned on it once and probably just want to be done with it.
Shop around to a few lenders and see what kind of loan you’d need. I think construction loans are for when the property isn’t inhabitable. I don’t think lack of appliances & bad smells count. Uninhabitable usually means it’s out of code & unsafe to live in.
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Tags: Article Bank, bank foreclosure, Finance, foreclosure rates, government, mortgage, rates, realestate
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