mommymilkies Posted March 17, 2013 Share Posted March 17, 2013 We bought our first home about 3 years ago. Though the inspection was great and it was newly renovated, within a week we found out our roof which was guaranteed to be fine for 5+ years (we had a rural dev. loan and it was required for our loan) was literally flying off at the slightest breeze. And the boiler system was trash and broken the first time it was lit. And the porch was rotting out because the roof leak was so bad within a month. Oh, and they closed off the ventilation (and roofed over, I believe) for the plumbing to one bathroom, so it's never worked properly. Needless to say, we have less money than we need to fix the house and at some point soon we will need to sell and get a bigger house. But we have zero dollars to sink in to fix it or take a loss on selling. Nobody will buy with a messed up roof (we had part of it replaced, but since the last owners did a series of random roof fixes and one roof literally sitting on another older one, it's complicated and more expensive than it should be) and a rotting porch. I am naive on all things bank and loan related. Is it possible to get low interest loans for things like this? Would a local bank be the best, or the USDA because of our loan? We've been putting every nickel into fixing this place, but it falls apart faster than we have the funds to fix it. Quote Link to comment Share on other sites More sharing options...
beaners Posted March 17, 2013 Share Posted March 17, 2013 I don't recall all the requirements, but we were considering using an FHA 203K to purchase and renovate a house when we were last looking. You could also refinance with that loan at that time. I don't know if it would work for your house, but it was our best bet when we were considering a few fixer-uppers. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.