Feel free to contact me if you need assistance with transactions like this. Investor Rehabs, Fannie Mae HomePath and HomePath renovation (owner occ, second home and investment) and of course streamline and full 203k's if you're looking at buying a 2-4 flat and will live in one unit.
This is a loan you can keep.
As you previously have found, we do investor rehab loans at Wells Fargo. At this time, we're able to do them on 1-4 unit properties, mixed use (residential portion only) and condo's (high-rise or low-rise). I trust by now you've found one of my counter-parts who is adept in the product and has guided you thus far.
As the two previous posters noted, 203(k) loans are for owner-occupied residences only.
I wish you the best of luck with your project. Don't hesitate to reach out should anything major come up.
Sounds like you've found one of the only banks that will do a rehab loan and you're right, those terms are a bit high priced! Only because you didn't mention it; you have heard of the FHA 203k loan right? We have a number of investors taking advantage of this program which gives up to 35k for rehabbing. You didn't mention the scope of your project so this may not apply to your situation. If you haven't heard of it though, it is a good idea to work with a lender that has had experience in this type of loan as there are a number of extra steps for you and your mortgage person to take over a regular conforming loan and it's good to have someone with experience to help guide you through the process.
Let me know if you or anyone needs any immediate financing. Rehab money is available. You can also find more information on our website at: http://www.selectfundingllc.com. Thanks.
You are absolutly correct 203K loans are for owner occupied properties only all the way up to 4-units as long as you live in one of them.
Try finding a lender that offers the Fannie Mae Homestyle program. There are not very many but I would like to know if you find one.