Real Estate Agent · Catskill Mountains of NY · Member since 2023 · 42 posts · 13 votes
If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral?
Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!
If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral?
Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!
If you own the property outright, you could approach it with delayed financing. It would use the existing value, or the purchase price, as equity to finance closing costs and then provide a rehab escrow to help fix it up and refinance once you are done.
I have a few clients up in NY that utilize a program that could do that, and their credit requirements aren't too stringent. A lot of your Hard Money Lenders, as long as they are licensed in NY, should be able to help.
If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral?
Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!
Movement mortgage in the Syracuse area has an FHA 203K rehab loan. Fairly easy qualifications as far as credit score and down payment. Would be happy to help connect you if you’re interested!
If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral?
Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!
Movement mortgage in the Syracuse area has an FHA 203K rehab loan. Fairly easy qualifications as far as credit score and down payment. Would be happy to help connect you if you’re interested!
Thanks! but this wouldn't be our primary residence which I know is required for that type of loan as I understand it!
If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral?
Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!
Movement mortgage in the Syracuse area has an FHA 203K rehab loan. Fairly easy qualifications as far as credit score and down payment. Would be happy to help connect you if you’re interested!
Thanks! but this wouldn't be our primary residence which I know is required for that type of loan as I understand it!
They have multiple loan types that involve rehab, even sone specifically designed for investing. Would love to send you their info
If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral?
Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!
If you own the property outright, you could approach it with delayed financing. It would use the existing value, or the purchase price, as equity to finance closing costs and then provide a rehab escrow to help fix it up and refinance once you are done.
I have a few clients up in NY that utilize a program that could do that, and their credit requirements aren't too stringent. A lot of your Hard Money Lenders, as long as they are licensed in NY, should be able to help.
Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes
2y
Even as a delayed purchase it is a difficult value to fund. There's no money in it for a lender at those price points and those little loans are hard to securitize and sell off their books. There used to be lenders that funded those little ones, but most have dropped off and even when there were programs that offered funding for that range the terms were brutal. Lots of fees and points, higher rates, sometimes you are capped on rehab being no more than purchase.
Most lenders will require a 100k loan amount for bridge loans. I know lenders who will go as low as 65k in a refi loan.
Even as a delayed purchase it is a difficult value to fund. There's no money in it for a lender at those price points and those little loans are hard to securitize and sell off their books. There used to be lenders that funded those little ones, but most have dropped off and even when there were programs that offered funding for that range the terms were brutal. Lots of fees and points, higher rates, sometimes you are capped on rehab being no more than purchase.
Most lenders will require a 100k loan amount for bridge loans. I know lenders who will go as low as 65k in a refi loan.
Thanks Mike for the response. I just fell in love with this old decrepit house and It's nagging at me. I hear it calling my name..""""'saaaavvve meeeeeeee"'''''''''' I am a sucker for these places ugh
Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes
2y
Just like we have a separation of Church and State in this country because we found out long ago that those do not intermingle well at all. For RE Investors there needs to be a separation of heart and wallet because they as well do not intermingle well.
Just like we have a separation of Church and State in this country because we found out long ago that those do not intermingle well at all. For RE Investors there needs to be a separation of heart and wallet because they as well do not intermingle well.
oh so true!!!! It's like a stray kitten I feel the need to save!! But in all honesty it would be a good investment as well.....