Financing in Brooklyn>Question Details

Moneky25, Home Buyer in Brooklyn, NY

Are there coventional loans for rehabilitation.?

Asked by Moneky25, Brooklyn, NY Sat Jun 22, 2013

I'm looking to resale, and know that 203 (k) Loans can be used to for investors. Are there any other coventional programs for flipping.

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Actually there is a great conventional rehabilitation loan product out there; better known as the Fannie Mae HomeStyle. I highly prefer the HomeStyle to 203(k)'s only because you have more options and wouldn't necessarily have to pay mortgage insurance; even if you're above 80% loan-to-value.

You're allowed to make just about any repairs / renovations and you can utilize this program on all residential properties including your Primary, 2nd home, or Investment property. There are a lot of details we should discuss as there are necessary steps that must be taken properly. If you'd like to find out more and determine the absolute best way to structure your mortgage for success please contact me at your earliest convenience.


Kindest regards,


Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
pmarzolla@unvmortgage.com
0 votes Thank Flag Link Mon Jun 24, 2013
Unfortunately you won't find any conventional loan products that are made to rehab a property. The FHA 203(k) is the only one and it is for primary residence only, no investors.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Jun 23, 2013
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