There are lenders that specialize in rehab/remodel loans. I suggest you contact Nick Urialdies with Gateway Funding, his phone is 973-789-5148 and his email is firstname.lastname@example.org. I would not suggest using credit cards for this type project, because credit card companies are getting stricter and harsher with penalties for late payments or going over limit. Good luck!
Betina Foreman, Realtor
I am a mortgage professional and a partner with the Goodlife Team. The best financing available in the marketplace today for a rehab loan is an FHA 203K. The loan is calculated based on the rehab cost ($160K) plus closing costs (roughly 6-7K) and allows you to put as little as 3.5% down, providing you are planning to occupy the property. The interest rate is 5.25%- 5.75% average today. Conventional financing is also available (owner occupied as well) with 10% down and the ratets are 5.5%-6%. Feel free to call me direct at 512-637-9900 or email me at email@example.com.
Thanks! Kristin Carroll http://www.thegoodlifeteam.com http://www.kristincarroll.com
I am a retail loan officer with Flagstar Bank and we still offer the renovation loan program. It can be for Owner Occupied, Second Home or Investment Properties. The only thing that changes is the amount of money down. After the credit crunch, a lot of lenders pulled the program because it tied up capital. Those loans are not allowed to be resold on the open market until it goes permanent and the work is done.
Call me and I will discuss the program with you.
Apply Online @ flagstarloans.com/lallison
I would contact a few lenders directly and see if you like their lending requirements for this type of purchase.I think you can still do this if its owner occupied. I have several repuatble lenders on my website. Give them a call I am sure one of them can help you. Good luck!
There could be options available .
I am a Texas mortgage loan officer happy to review all particulars.