Colli Real Estate

If I buy a house that is assessed for $ 120K $ 65 miles I need to have a downpayment? Borrow more to pay the debt?

I found a house belonging to the bank (I assume foreclosure) worth about $ 120K, but the price is $ 65 thousand and I'm looking for a mortgage to buy. Since there is already about $ 55K in equity in the house which would be purchased with no money down? I am a first time buyer with average credit and do it on $ 53ka year. My credit is great because I'm paying the debt, I also wondered if the purchase of a house built on fairness May I roll my credit cards on the mortgage. My ideal plan would be to obtain a loan of $ 85K on the property (approximately 70% value), without putting money in your pocket. I use this to make the purchase, cover closing costs / fees associated with buying, making some minor improvements and painting pay my debt credit card, maybe buy some furniture or decoration. Is this feasible?

Any bank or lending institution will allow you to fund a percentage of the purchase price of housing. Thus, even if they are treated by shouting that you will probably 70% to 95% of the purchase price, not the appraised value. So if you buy a house for 65 thousand dollars will pay between $ 45.5K to $ 61.75K. The difference must be paid their own funds and do not forget closing costs. However, it is there that lenders provide up to 75% of the value of the home after repairs are made at home. Are called loan rehabilitation. The only problem is that there must be an investment property, not house you live in. In addition, you can use the money to restore the home so that you can not use just to pay the bills. You not have the best credit in the world for these loans but can not be that bad. One thing you might want to know if there are assistance programs local governments in your region. You may receive funds to help buy the house. You may have to wait a year but can refi later to get this money in the accounts of profits. Many think that because they buy the house so cheap bank credit has no money problems. However, Banks like all lenders like to see a commitment by the buyer who are serious about buying the house. If a person has saved for the recent years of a deposit, then they are probably more serious and less inclined to walk the property in case something goes evil. In addition, banks are not in the real estate sector. They are in business loans. Whatever the position of capital that are, I do not exclude a house. Personally, I would buy the house as an investment property and throw. So you can take the proceeds from the sale of goods and payment of the draft law. You may be able to do the rest and apply as a down payment on another home with a purse of 1031 to avoid or reduce capital gains. Good luck.

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