Looking for tips on buying a fixer-upper... any ideas?

Financing Forum
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I’m considering buying a house that I want to remodel and maybe even add onto. The cool part? There’s a local high school with a construction class that could take on the project, which would be a great experience for the students and save me some cash. I was initially thinking about an FHA 203(k) loan, but I heard I’d need to use an FHA contractor and I want to work with the school’s teacher instead. What other home improvement loan options do I have? I’m looking at a budget of about $40,000 to $75,000 depending on the house price. Thanks a ton for any help!

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That sounds awesome! I didn’t know schools had programs like that. Have you looked into conventional renovation loans?

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Val said:
That sounds awesome! I didn’t know schools had programs like that. Have you looked into conventional renovation loans?

Not yet! What’s a conventional renovation loan? IDK much about it.

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You might also want to check out a HomeStyle loan. They let you use a contractor of your choice. Could be a good fit for you!

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Taylor said:
You might also want to check out a HomeStyle loan. They let you use a contractor of your choice. Could be a good fit for you!

Thanks! I’ll look into that. Do you know if they have strict requirements?

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@Val
Not really! But it’s a good idea to talk to a lender about your situation.

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That’s a neat way to get the work done! You could also consider personal loans if you have decent credit. They’re flexible.

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Brady said:
That’s a neat way to get the work done! You could also consider personal loans if you have decent credit. They’re flexible.

Personal loans sound interesting. Any downsides I should know about?

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@Val
Well, interest rates can be higher than a mortgage. Just weigh your options, you know?

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Have you thought about using a home equity line of credit (HELOC)? If you already own a home, it might be an option.

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Hadden said:
Have you thought about using a home equity line of credit (HELOC)? If you already own a home, it might be an option.

I don’t own yet, but I’ll keep that in mind for the future. Thanks!

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I think it’s great that the school can help! Just make sure to check their insurance and licensing for the project.

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Emil said:
I think it’s great that the school can help! Just make sure to check their insurance and licensing for the project.

Good point! I’ll definitely ask about that. Appreciate the heads up!