Updated almost 5 years ago on .
Bank owned foreclosure + rehab
Newbie,
I have a primary residence with a USDA rural development and another home that I rent out. I'm looking at a Bank foreclosure that's $29900 and needs about $30k rehab. What's the best way to do this? I don't plan on living in it but will if that's the only creative way I can figure this out. I can get a 203k rehab loan, HELOC, or TSP loan. The 203k loan will cover purchase plus rehab but if the down payment is more than $8k I can't do it. The HELOC and TSP will only cover the rehab portion of it. Or TSP loan but has to be primary residence and HELOC for rehab.