Foundation Problems

I was recently told that it is not possible to receive a construction loan if you are trying to purchase a house that has severe foundation issues i.e. cracks in the wall. I live in Houston Texas where basically all of the houses have foundation issues. I was just wondering if anyone else has run into this problem and if there is any way around it.

Thanks for any info you can share
Michelle

Comments(2)

  • InActive_Account16th February, 2004

    Michelle
    I have bought 3 such houses with the bank knowing that they were to be rehabed. It never was an issue.

    Best of luck Johnnh

  • BreyerConstruct23rd February, 2004

    Shop a few other mortgage brokers.
    Also, get a good appraiser- if it's normal, and all the comps have weak foundations, you might have a winner. Just be careful it dosn't weaken on you causing lots of unneeded headaches.
    [addsig]

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