How do I get a loan to buy a house + stuff for the house?

[RJesus 10+ year member]

I want to buy a house that costs around $25,000, and then furnish/repair the house, and add a few things. Which will end up being about $25,000 more.

I've never taken out a loan before, so I don't really know where to start. I'm not exactly sure what to look for... do I need a private loan or do I take out a mortgage or what? Once I get the loan do they just put 50k in my bank account and I hand over 25k to the guy selling the house?

What type of loan should I look for to finance not just buying a house, but buying things for the house as well? any recommendations on banks to go to for loans?

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[OJtheBassman 10+ year member]

How is your credit score?

 

[*SlappinAzz*]

I won the virginia lottery 5 years ago for 44 million, still got 55,000$ left, ill give u some bro, im rich.

 

[walled01alero 10+ year member]

How is your credit score?

x2

 

[hzsogood 5,000+ posts]

Pfft you dont even need great credit in order to buy a house... IN ORDER , this is what you need the best credit for

1) Used car

2) New car

3) House

4) Cell phone deposit

5) hooker

 

[k_schutte 10+ year member]

FHA 203K... GREAT program!!!! Easy to get because it is a government insured loan, credit just has to be like 500+, if you live there for at least 5 years you don't have to repay a certain amount of it. We bought a 4500~ sq.ft., multi family house for about $60k then got like $80K to put into it. it is now a HUGE single family home with brand new everything... worth about $200K now, more when the market swings back. Everything has to be "energy efficient" and you have to do certain things before you can like add rooms, or pools or a garage or **** like that but you can...

http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

 

[mendezm9 10+ year member]

Are you fixing it up to resell? If so, you want an interest only loan but now is not really a good time to flip houses. The higher the down payment you can put on the loan the better, it will save you thousands. A lot depends on your credit. It would be pretty tough to get 25k for the house and 25k for repair/furnishing. A bank wont see that as a very smart investment.

 

[Louisiana_CRX 5,000+ posts]

Get an Obama check.....Thats how I paid off my 4000sq ft house.....

 

[RJesus 10+ year member]

Why won't the bank see that as a smart investment?

And I plan on living in the house.

I'm 21, I've been trying to build my credit since I was 18 w/ a creditcard.

Never had a late payment or anything like that, I'd say my credits pretty good but limited. My parents are willing to co-sign for the loan, and they have amazing credit.

I don't understand the down payment... ?

They give me $50k and I give them back a down payment? how does that work?

 

[RidinSwangaz 10+ year member]

I got a $282,000 loan from the bank...Worst thing I ever did..

 

[LazyRider 10+ year member]

Dang, are houses selling for 25K in philly? That's cheaper than a brand new car lol. Even the foreclosed ones around here cost over $100,000. Unless it's some kind of really small piece of shit I don't know where you get houses that cheap.

 

[RJesus 10+ year member]

On that HUD 203k link, I read 1/2 of the page along with the process at the bottom.

Do I need a real estate agent? I thought they just found properties for you? will they handle a large amount of the paper work/guide me through the HUD process?

 

[RJesus 10+ year member]

Dang, are houses selling for 25K in philly? That's cheaper than a brand new car lol. Even the foreclosed ones around here cost over $100,000. Unless it's some kind of really small piece of shit I don't know where you get houses that cheap.

Its out side of philly in camden, near the rutgers campus. built in 1899, it was foreclosed, and it is pretty small.

I got a $282,000 loan from the bank...Worst thing I ever did..

How much of it did you spend on car audio/home audio? lol

 

[DBfan187 5,000+ posts]

needs a pool

 

[AlterEgo99 5,000+ posts]

...and a hot tub.

 

[LazyRider 10+ year member]

And a grotto

 

[DBfan187 5,000+ posts]

can all be combined homies

 

[MikeofTulsa Moderator]

step 1: talk to a bank

step 2: .....

step 3: buy a house and furnish it.

 

[RidinSwangaz 10+ year member]

Its out side of philly in camden, near the rutgers campus. built in 1899, it was foreclosed, and it is pretty small.


How much of it did you spend on car audio/home audio? lol

Not a lot, $250,000 for my home. 30k to build a shop

 

[k_schutte 10+ year member]

No, you don't need a realtor. just find a house you like (I used realtor.com to find my 3 houses) and go from there. You just have to see if the house is HUD approved is all. Basically, what I did was bought one house using the 203K and I am living in it the required amount of time so that I don't have to repay it all. Then I also used the 203K to buy a couple flood houses which I got for $10k-$20k each. then used the 203K portion to make them inhabitable and am TRYING to resell them. One kind of "loop hole" is that the house just has to be in your name for that 5 years, you do not have to live there, you can rent it out and after 5 years you don't have to repay it all.