hi guys and gals I have a question my father wants to buy a home for my sister he already has a mortgage with the VA he's a Vietnam vet he doesn't have extra cash on hand he does make very good money 120k a year and he's just started getting s.s. benefits at 1400 a month the home he wants is 125k and the seller is taking off 12k because we know them and it needs a roof and other cosmetic fixes so selling price is 113k my sister wants to do more rehab and give it an open floor plan so about 50k what loans will give us the purchase price plus rehab?
I'll also say that he doesn't have enough equity in his current home for extra money
Not exactly on topic, but if you dad is making that much money, and he just started collecting ss, there is an option to pay back what you took from ss and suspend his benefit until he is older. Lets say he was 62 and just started collecting, he could pay back the 3 months and wait until he is really done working or at least a few years. He is going to get taxed on a lot of that ss money if not all.
On topic, maybe him just being a cosigner would be enough to help your sister. Doesn't sound like he is really in a position to buy her a home, more in a position to help her secure the loan.
he's 66 now and I guess he's gonna retire in 2 years that's not gonna change...my sister has very bad deliquent credit so him getting the loan is the only option she can't get a house not for another 3 years she needs a house now...so what loan programs allow for purchase and rehab of you already have a mortgage?
An FHA 203k loan may be a good fit for your buy and hold. Down payment is low, credit doesn't need to be perfect and the rehab costs are added after completed to the purchase price. The paperwork takes a bit longer and there's alot of different forms to complete during the process, but if you use an experienced loan officer it can make life a lot easier.
Here's to your success!
I thought that the 203k was only for owner occupied that you have to live there?