Tuesday, March 8, 2011

I found a REPO! How can I buy it and finance the repairs?

So, you've found a few Albuquerque Foreclosures homes that could be great deals but they could have a significant amount of repairs and upgrades needed before it will be a great home for you. You have the cash for the down payment but not enough extra to make the renovations! Prior to today I would have said that this would have been next to impossible to accomplish if you didn't have the extra funds.

Today I learned of a program that allows a purchaser to obtain a mortgage for Albuquerque real Estate and finance the repairs. The loan would be based on 80% of the improved appraised value!

That's correct! You may be able to buy an Albuquerque Foreclosure home and do the rehabilitation in one loan! There are a couple of requirements: it must be owner occupied, the loan cannot exceed 80% of the improved appraisal price, the loan cannot exceed (Catch this!!) $1,000,000, and the buyer must have sufficient income and credit to qualify.

If you wished you had the money to take advantage of some incredible bank REO properties this may be just what you have been looking for.

For more information please contact me at TheAlbuquerqueRealEstateGroup.com.

by Tim Fish

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