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|
|My loan will be for||$135,000|
|Less 5.00% loan fee:||$6,750|
|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.