? ? ?

Yeah.... no.

Yes madam :wink:
I'm bringing you a flower

Yeah....yeah.

Probably your best advice. In order to get a loan for a primary residence, it needs to be occupied and inhabitable. If there is no heat (another requirement normally) and no bathroom the appraiser your mortgage company uses will comment and during the underwriting process, your application will mostlikely get denied.

I'd say go for the personal or construction loan depending on what the mortgage company/bank that you're going to offers. Rates are tough right now so just make sure you do your research. ...just remember, property flipping is illegal in PA. If you run out of money from the personal loan it may end badly (ie. tons of missed mortgage payments, foreclosure...)

Thanks a lot Meesh. It's a plan of flipping a house, but more to live in. Needs renovation for sure, but the price for the house in the certain area is cheap, but with about $50k worth of renovations or a little more could look nice.

Yes, that is true. They can run 4-6% higher than a mortgage.

Grimm brought up the certificate of occupancy and its a valid point. I never had to deal with that issue when i bought and sold houses in the city of Philadelphia. It was easy to get a loan no matter what shape the house was in. I think that a certifacate of occupancy is needed if you want to rent the home or turn around and re-sell the place. But if you are buying it at sheriff sale or out of foreclosure the bank might allow you get a standard mortgage right off the bat.

Yeahhhhhhhhhhhhh............... no.

Whatever, don't care what you say, you <3 me.

Yeeeaaaaaaaaaaaaaaaaaaaaaaaaaahhhhhhhh............ .

yeah.

Why is that?

Touch screen phone + big thumbs= fail.

It's okay I <3 you too:-p

it is? :eek:

Is it when people are able to live in it eventually that you can get the conventional mortgage?

Flipping would be buying cheap, renovating and selling for an inflated profit. Since you're looking to live there, you're good. If you don't plan on living there during the renovations, you can try to get a regular home mortgage but with a different occupancy style...it all depends on the underwriting guidelines of the company you go to. Also sucks that it depends on the occupancy style of the home because I'm pretty sure the first time home buyer extension is only for primary residences.

And, no problem... Glad I know something from my day job:wink:

I love no one.

I don't think it's illegal as long as you're not charging ridiculous costs for the house once you've finished.. there's guidelines you have to follow to flip legally in any state.

So even though I would be buying my first house there, just because it can't be I can't live in there at the time, means I won't qualify? That's great.

I just realized I have the night off....what to do? I feel...........lost....

sike, I'll just play MW2

Just a silly underwriting guideline PA follows. It's monitored by the FBI in most cases. It's based on fair prices and fraud for profit scams.

You're allowed to sell the house after renovating but you have to make your mortgage in full for a certain length of time. I can't think of the number of months though...

what!?!?!