What kind of loan can I get to buy a house with code violations?

Question

I want to buy a foreclosed house that currently has code violations. I can't get a conventional loan because of the code violations and the bank will not fix the violations because they are selling it "as is". The code violation is with the county health department because of the septic tank. They said the entire thing needs replaced. I'm young and therefore have little credit and cash. Do I have any other options to try to buy this house?

Answer 1

If you qualify, you can get a home rehabilitation loan. The program is called 203K.

Answer 2

Visit this site

http://www.thetechnology.net

Here you will find enough information that will help you solving your question.

Answer 3

I doubt you will qualify for any, replacing the septic tank is about 30k (yes, I am serious) and is actually really hard to get a permit for.    The lot needs to be about an acre.

The bank may have to sit on this property until a sewer line is available.