I am going to buy a house this year- and found a fixer-upper that makes my heart melt, but…
I expect to qualify for about 150k. The house I want is listed for 150K. It’s estimated value is about twice that, but is listed so low due to excessive damages.
In an ideal world, I would try to get a loan for 200k, and use the excess to make the home livable. However, I don’t expect to qualify for that much (Due to my income level. Me credit rating, debt, et are great).
Can I buy the loan for 150k, then turn around and get an equity loan (for maybe 50k) to clean the home up?
Thanks for your expertise!