Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Mortgages, Refinancing & Foreclosure
Reload this Page Any other options besides 203K?

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 09-13-2005, 04:04 PM
Junior Member
  
Join Date: May 2005
Posts: 8

Any other options besides 203K?

Texas. I am currently living in a condo who the owner financed. I have a Contract for Deed, and only a 5 year note. I'd like to finance it myself (if my credit has improved enough) and the owner wants out as well. I only paid (with contract) $23,000 for a small condo that is worth $47-$49,000. I really need to do some improvements (tile, carpeting, new cabinets, etc). I feel it will appraise for at least $42,000. Is there anyway besides the HUD/FHA 203K to finance with the mortgage extra monies for repairs or remodeling? I have heard that the 203K is very difficult and can get expensive. Is it okay (legal) to buy/finance the condo for more than the sales price and keep $5-$10K for remodeling? I have heard both yes and no, but would think myself that it would not be legal. Any comments would be greatly appreciated.
Thank you, LuckyFish
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 08:08 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.