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
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