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Financing in Adams County : Real Estate Advice

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Activity 3
Mon Mar 7, 2016
Sally Grenier answered:
Sorry, but any lender requires "decent" credit -- higher than 620. If they're going to be lending you hundreds of thousands of $$, they'd like to know you have a good history of repaying your debts. ... more
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Fri Nov 28, 2014
Anna Abbatemarco answered:
Hi Kathleen, please contact me so that I can help you with your refinance. I work with a great amount of lenders who can be of assistance to you. Email is anna@annaknowshomes.com or contact me through my Trulia profile. I look forward to speaking with you! ... more
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Sat Jul 30, 2011
Shane Milne answered:
Yes there is the Fannie Mae HomeStyle Renovation loan which will finance primary residences, second homes, and investment properties.

https://www.efanniemae.com/sf/mortgageproducts/pdf/hsrenofacts.pdf (there is a link to the Power Point Presentation which you'll want to watch) which does 75% financing on investment properties. So you need to put down 25% based on the the (“as-is” purchase price + renovation costs + contingency costs (if financed) + eligible soft costs + interest reserve).

Interest rates will be about .25% higher than if you purchased with a mortgage program that doesn't do renovation - but still you are looking in the low 5's on a 30-year fixed with excellent credit.

There is also the Fannie Mae HomePath Renovation loan program, but it's only for properties at http://www.homepath.com/ - same 25% down payment is required.
... more
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