Financing A Rehab
Hey all, My wife and I currently own our first duplex that we fixed up (with much help from the folks on this website). My question is on financing a single family rehab house. We plan on buying, rehabbing, then living in it a couple years then selling and moving on. We don't have alot of $$$. What are some options to purchase and finance so that we can retain as much cash for the rehabbing procedure. IE-how can we put very little down, or get rehab loans to help with the process. The house will be around 175k fixed up. Probably 20-25k of work. purchase price of 120K. Thanks for the advice in advance. Stephen
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Why can't you purchase it as your primary residence? Do you currently own your personal home or do you rent?
If you can purchase as a primary residence I would look into the 80/15/5 something like that to limit your downpayment and have no PMI...
Hud also has a 203 k loan program which should benefit your situation.
[addsig]
Hey All,
I had to delete one reply because of solicitation / advertising rules.
So to other who might want to "help" do not use the forums to advertise that you are a loan officer etc.
We have a Lender's section in which all members can access for funding other then using traditional routes.
thanks
NC_Yank