Rental Property Investor · Jackson, MS · Member since 2020 · 156 posts · 41 votes
I got a 4plex under contract. I need 30k+ in repairs but I already have property in acquisition. Is there or can I get a second mortgage to rehab the property for a 30 year period? If so Someone tell me how or who
I got a 4plex under contract. I need 30k+ in repairs but I already have property in acquisition. Is there or can I get a second mortgage to rehab the property for a 30 year period? If so Someone tell me how or who
Probably not for 30 years but for a shorter time whats your LTV fo the first?
Rental Property Investor · Jackson, MS · Member since 2020 · 156 posts · 41 votes
6y
@Guifre Mora i got a FHA loan so its 96%. I have a 3.1% rate. If i refinance to get a streamline it will be 3.7% so thats the reason why i wont refi. My interest rate is great
@Guifre Mora i got a FHA loan so its 96%. I have a 3.1% rate. If i refinance to get a streamline it will be 3.7% so thats the reason why i wont refi. My interest rate is great
A second will cost you way more than a 3.1% defeating the purpose of the low rate. I'm dong seconds starting at 8% and that's with plenty of equity.
Rental Property Investor · Jackson, MS · Member since 2020 · 156 posts · 41 votes
6y
@Guifre Mora ok so in your opinion, getting a refi interest rate at 3.7% to do a fha streamline of 25k would be better than traditional fha and getting a second mortgage?