Loan For Higher Than Asking Price

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lookingfor help

LoanSafe Member
Jul 29, 2013
32
1
8
Had a Ch.7 bankruptcy nearly 10 years ago but home was not officially foreclosed on until last year . I purchased a new home 16 months ago with a conventional loan. If I do not qualify for a 203 K FHA loan due to the foreclosure (although as of now it does not show on my credit report ) is there any way to get a loan for higher than agreed on price to purchase and fix up a home . Current credit score is about 700.
Thanks
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,113
182
63
San Diego, California
www.loansreduced.com
There is a Conventional HomeReady & HomeStyle program that allows for rehab work on properties if you qualify with prop included in BK conventional.

I haven't written an article on it yet as it is a very difficult product and unsure if I want to start attracting a large amount of business in that realm. It is very similar to the FHA 203K where there are many parties involved, contractor, loan officer, agents, borrowers...etc and everyone has to work together. If you would like to talk more I'd be happy to discuss the loan program with you.
 

MindyWishes

LoanSafe Member
Feb 24, 2017
7
1
3
30
When we purchased our home we got a second loan to do work on our house; although I do recall that there was a loan that allowed you to do both.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,113
182
63
San Diego, California
www.loansreduced.com
Hi Mindy,
That would be a standalone 2nd or HELOC that you got when you purchased your home. Fannie Mae Homestyle is a product I am now very familiar with as this post is almost a year old. It's great to have another option outside the FHA 203K.