Financing Purchase and Reno

Categories: Renovation

We are moving into the contract phase on a house in the slope that needs close to 300 thousand worth of work, about 1/2 for maintenance and mechanical issues and then 1/2 for inside finish out. We have bids for the work, but wanted advice on how you buy a house that needs work. What type of mortgages do you ask for? Do you take a mortgage to buy the house and then one to renovate the house? I know their are construction loans – are there loans for those of us that are buying houses that need immediate renovations? Do you need to submit contractors bids – architectural plans?

By Brownstoner | 09/26/2005 8:29 AM