So we found a great deal on a place, but it has no kitchen and no furnace so you can't just get a regular mortgage on it. I know you can do like an FHA 203K Rehab but i know those make it hard to DIY the work and have many fees involved. Really i could install the kitchen and furnace in less than 2 months after purchasing. I actually have just about enough cash for the price of the home but that would leave me nothing left for performing the renovations or anything else.
So basically just trying to figure out what the best option would be to save me the most on interest. I really would like to borrow just 30K to take care of everything. Can I get a 30K personal loan, buy the house, do the work then refinance with a mortgage a couple months in for the better rate? Or is there some other good option I'm not aware of? Or maybe there's a way to get a mortgage type loan on a property like this?
Read more: Buying a house with a personal loan then refinancing?
