Should you need it, I will also supply the funds for fix up. Here’s how that works:
| Final fixed up value of the house: | $175,000 |
| 75.00% | $131,250 |
| My loan will be for | $135,000 |
| Less 5.00% loan fee: | $6,750 |
| Repair escrow | $20,000 |
| Amount I bring to closing: | $108,250 |
| Your required down payment: | $3,000 |
The repair money will be disbursed, usually in three installments. I do my own inspections in a timely manner at no cost to you.
Please understand that none of the above numbers are set in stone. I will often work with borrowers who have no money but who have substantial equity in a rental or their personal home which I can use as additional collateral. Under those circumstances I will often not even require monthly payments until the house is sold.
So, tell me your story and let’s do a deal.