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Construction loan
I recently put money down on a foreclosure. It does need work on it. There are alt of holes in the wall, water need to be turned on new carpet, appliances, trim paint peeling outside, etc. When I went to bank they said I would need a construction loan because it is not move in ready. Yes I can probably move in and live in it but my question is would is this true that I would need a construction loan to purchase home, I don't see why I can't just get a conventional loan and save a lot of headaces. I live In IL.
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