Hi @Kain Stevens welcome to BP!
This is why folks go with private lenders or hard money lenders. They are more willing to lend on distressed property. Look at finding a family or friend that can lend the money, get a first lien position on the property, and then you can refi in 6-12 months to pay them off.
@Kain Stevens Have you looked into first time homebuyer owner occupant renovation loans such as a FHA 203k loan? Those can be a great way to purchase a home that needs work at favorable terms.
Research that type of loan and see if it works for you and your situation. If it does, then search your local area for lenders or brokers that specialize in these types of loans and contact them for a consultation.
Hey, thanks for the quick replies and I’ve looked at my options from private lenders like lendingone however they said that a loan that small would usually be done by a hard money lender so that’s an area that I’m researching at the moment.
Also as far as the 203k loan ive looked it up a bit and most wont finance homes with foundation issues but that is a great route to take if I can find a lender will to work with me and my father asked about doing a refinance on his paid off house to buy it but I’m not sure how that would work so I’ll have to look it up a bit more
You Dad is going to be your best bet here. If he can pull the equity out of his home to purchase this one in cash you will be in good shape. You could make a payment to him equal to his payment and put your 10k into the house. Once you have it to the point a bank will lend on it you put a mortgage on it and pay your Dad back. If you want to get more cash out than you originally paid you will need to hold the property for a seasoning period and have It reappraised.
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