Financing in 78702>Question Details

CC, Real Estate Pro in Austin, TX

are conventional loans still available for acquisition/rehab of residential property?

Asked by CC, Austin, TX Fri Jan 9, 2009

if so what are the considerations, expected costs, etc? ex property: acquire 100k, rehab 60k, ARV 225k-250K

Thanks!!!!

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Dear CC,
Nick tol me you called. I hope this loan works out for you. Please give me a shout if I may be of further assistance.
Sincerely,
Betina
0 votes Thank Flag Link Sat Jan 24, 2009
Dear CC,
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 nurdiales@aol.com. 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
0 votes Thank Flag Link Sat Jan 17, 2009
Hello~
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 kristin.carroll@sentemortgage.com.
Thanks! Kristin Carroll http://www.thegoodlifeteam.com http://www.kristincarroll.com
0 votes Thank Flag Link Fri Jan 9, 2009
CC-
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.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online @ flagstarloans.com/lallison
0 votes Thank Flag Link Fri Jan 9, 2009
Dear CC,
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!
Betina
0 votes Thank Flag Link Fri Jan 9, 2009
CC:
YES, IF THEY ARE TO BE OWNER OCCUPIED.
IF THEY ARE INVESTMENT PROPERTY THEN YOU WILL NEED TO USE A HARD MONEY LENDER.
IN EITHER CASE I CAN HELP YOU.
0 votes Thank Flag Link Fri Jan 9, 2009
Many lenders are reviewing 2nd home purchase could require additional downpayments. Banks got "kicked huge" when these investment properties were returned since it was not investor residence. Now is a great time to invest, however 100% financing is thing of past.

There could be options available .

I am a Texas mortgage loan officer happy to review all particulars.
972-699-9111
Lynn
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 9, 2009
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