ggpack's Profile

Name:
In Brooklyn Since:
On Brownstoner Since:
Location:
Manhattan
Neighborhood:
Abode:
Rental
Profession:
Sex:
Female
Age:
33
Website:

Author's Posts

July 23, 2008

Brownstone Shell question

Hello,
My husband and I are thinking about buying a brownstone shell in Harlem to renovate into a 2-3 family house. After reading some of the posts on this site, I've gotten the impression that mortgage companies don't give loans for buying and renovating brownstone shells. Is this true? Would this type of purchase require %100 cash for the property and renovations? What about FHA or 203K loans? Please advise. Thanks.

Author's Comments

Thanks for all your help. Especially, daveinbedstuy. I'll check out Community Preservation Corp. Also has anyone heard of or had any experience with Harlem Funding Corp?

Posted by: ggpack at July 23, 2008 5:36 PM in response to Brownstone Shell question

Responses to Author's Forum Comments

Especially in this economic environment, the logic behind the banks' position is this -- if you don't have enough money to buy a shell outright, you are not a great bet to deal with the likely million dollars and up to make it habitable.
No offence to you, but most folks would agree with them.

Posted by: ontheparkway at July 24, 2008 3:36 PM in response to Brownstone Shell question