My mother is looking for a house, and many houses that need a lot of work are available, but in the United States it does not seem to be customary to include funds to refurbish a house in a draw down account as part of the mortgage. How would one go about getting a bank in the United States to approve a flexible fixed-rate mortgage that for example, pays $70,000 for the house, plus puts $50,000 in an account to repair and refurbish the house, whereby, within two years, the work on the house must be completed and receipts and bids for contractors must be demonstrated. Is there a precedent for this? Can anyone explain how to approach a banker with this request?
Many cities are full of deteriorated housing stock. These houses are built solidly but require new roofs, heating systems, extensive, plumbing, electrical and other work. In some countries, like in France and the UK, it is possible to include funds to refurbish a house in a draw down account as part of the mortgage, whereby, for example, a bank will offer a fixed rate mortgage, with part to pay for the appraised value of the property, and the rest to refurbish the house. The borrowers then have an escrow account with the funds to fix the house and are required to keep detailed records of work orders and materials purchased to fix the house, and the money has to spent within a certain time period. How can can bankers be approached to support such mortgages in the United States to rejuvenate neighborhoods with decrepit housing stock? Do not answer that this is not possible.
Open Question: Do you think Im mentally ill ........ or simply shedding light on the lies and misdirection from Team McCann?
Given I have so many detractors on here ;)
You know, the sort of people who would rather spend their time defending a couple who have steadfastly refused to give a straight answer to anything and who sort to profit from their daughters disappearance by having the Fund pay for 2 months of their mortgage.
Open Question: Joint tenancy vs. tenants in common - what's best for unmarried homeowners?
My boyfriend and I are in the process of buying a home together and trying to decide which "tenant status" will work best for us. We've agreed that we will own it equally but because of differing financial capabilities, we will not be paying into the mortgage equally and want to make sure we each get the appropriate tax benefit to reflect that at year end. From what I've read, I think tenants in common may be best for us, and would only require us to will the house to each other to ensure neither will "lose" their home in the event of death. I'm curious to hear what others are doing.
Open Question: How much of a Mortgage could i get in New York?
If i earned $60,000 a year how much roughly would the bank lend me for a mortgage
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