Refinancing- physical property requirements?

Question

We got a verbal OK for a HM loan, will probley do the paperwork within a few weeks. Then look for a good deal.

My question is about refinancing when able to do so- about 6 months after a purchase. Are income producing NOOs subject to the same physical property rules as conventional first loans?

For instance here they will generally not finance post and pier foundation houses, and manufactured housing can be problematic. If a property is rented out and generating income and only 55% of purchase price is HM financed...... does that make a difference? I am guessing 6% interest on refinancing, so perhaps that rate has better leeway. ??? We are in California.

Lynn Harrison · Answer

Thank you. So I assume by that,  yes, rehab would have to have the house up to the same specifications as if we got an original conventional mortgage?

Raymond B. · Answer

Monica Breckenridge,
Linked for you:

http://www.biggerpockets.com/blogs/2849/blog_posts/21931-how-to-buy-a-house-with-zero-money-down-getting-a-loan

Raymond

Monica Breckenridge · Answer

Your lender will do an appraisal amd they will want the house to be in good condition.  You are going to have to first buy the house with a fix and flip loan and then rehab the property. Nonce the rehab is done you can refi the house.  My interest rate on investment loans are 4.8%.  also my lender doesnt have seasoning issues somi can refi immediately.  Checkout my blog.

http://www.biggerpockets.com/blogs/2849/blog_posts/21931-how-to-buy-a-house-with-zero-money-down-getting-a-loan