Colorado Springs, CO · Member since 2019 · 12 posts · 1 vote
I have a house with major fire damage. Roof is partially destroyed, will need whole roof including trusses, as well as all new drywall and electrical as far as i can tell right now. Im just trying to figure out the best loan in situations like this, any advice is much appreciated!
Is this a home you're trying to purchase? I don't know any lenders that would issue a loan to a home in that kind of condition. Major repairs would need to be done. Maybe a construction loan?
@Shain Ismailovski thats what i was thinking, either a construction loan or maybe a 203 K fha loan, not sure.. other than that i could do a hard money loan of course.. just dont want the interest rate, plus i dont have the experience to get good terms on the loan.
In this case, occupancy matters. Are you buying it to live in it or as an investment. That's going to determine whether you should go with hard money for acquisition and renovation or and FHA 203K type loan.