In my experience as a Realtor and Investor you will have trouble getting the appraisal to pass through underwriting at most large banks. If there are any smaller /local banks in your area, you might want to try them... especially since you have 30% to put down. For example: a few years ago I was buying a flip house that needed only cosmetic work, and suntrust bank denied my mortgage because the appraiser noted that the house had writing on the walls, soiled carpets, and screen doors with screens falling off. I had to go to a different bank to get the deal done. Hope this helps.
Princeton, NJ · Member since 2014 · 24 posts · 4 votes
11y
@Adam Drummond , Thank you for your response. This house requires a lot of work including installing new heating system, completely renovating one bathroom etc.
I am going to make inquiries with local bank but in your opinion, does bank consider financing if i am planning do the renovation and show them the cash for the same.
From here on out I am going to use Grandsouth Bank of Anderson. I believe there's a Grandsouth bank in Greenville maybe. Lauren Thompson is the loan officer in the Anderson branch. They seem to look at your credit, cash on hand, income, and they seemed to like that I have done a few flips before. 80% ltv if I remember correctly. I also remember her telling me that you did not need a clear termite letter on an investment property (of course I do get a termite inspection done, but if there is minor damage the deal can still go through).