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huntmaster1100 · Joined: 27 Aug 2011 Posts: 1 1.39 Dollars($)

I am trying to buy a house that has been forclosed on. The house has been vandalized and needs a few repairs. I was working with a mortgage man on a 203k mortgage to buy the property and do the repairs. But i didnt realize until recently that he had been dragging his feet and was not going to make the closing date. So since i didnt have time to find a new mortgage company, i had a friend of the family step up to the plate and is willing to pay cash for the house and hold the note as a bank would, and i make him payments. I am trying to find out if i go this route, if i can refinance lets say a year from now and pay him off. One company said it would be hard to do since it is considered a cash purchase, even tho i am paying him. Any advice.

adonis · Posted: Sun Aug 28, 2011 9:11 pm Post subject:

Welcome huntmaster,

Yes, it might be difficult for you to get a refinance in order to pay off your friend in full as the mortgage companies will consider it as a cash purchase. It will be better if you could find a mortgage company now and take out a loan from them.

gmakerley · Posted: Mon Aug 29, 2011 9:18 am Post subject:

If your friend is paying the cash for this home and you will be the owner, with his mortgage in place, you'd be able to refinance in a reasonable amount of time and obtain a 203(K) loan at that point to begin or resume or complete whatever repairs are needed. It'll probably be 6 or so months before a lender will be able to assist you in this aspect of the financing, I believe.

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