Offering Today with 203K Loan
Hi,
About an hour away from putting an offer in on our first home. House is selling for $170k. This is in Haverhill, MA, in a good area, for a 5 Bedroom, 2 Bath house which is a pretty great deal for this part of the Northeast. We know it needs to be completely rewired electrical wise and the bathroom and kitchen need some work but the house is very livable. 27 Hamilton Street, Haverhill, MA has a few pictures on Zillow.
We are going to go in with a 203K loan hopefully with $35,000 over to get the electric done up front and replace any old windows. Any leftover might go to kitchen or bath if we feel there is enough to really accomplish something. We are approved for much more than $210k on a traditional loan so this would leave us with a monthly mortgage we are very comfortable with.
I've read a whole lot about this stuff. Listened to quite a few bigger pockets podcasts as well. With no underlying problems, a house this size goes for quite a bit more than $170k in this area. Obviously I am nervous as all hell as I am not stupid. Anyone had electrical rewiring experience of this size (2500 sq ft)? Successes, failures?
Basically...try to talk me out of this....
Thanks,
Dave