Updated about 7 years ago on . Most recent reply
Loan options for low down long term rehab project other then 203K
Options/Advise requested.
Looking to purchase an old home with low money down (up to 5%). Home need quite a bit of cosmetic work, most of which I am capable of doing over time. I am trying to avoid an FHA (203K) because I do not want to get stuck tacking on thousands of additional dollars (that I will be paying PMI on) to pay a professional to paint the inside and outside of the house to meet the "no peeling paint" requirements in order to close on loan. I am quite capable of painting and have a hard time paying for services I can do on my own. I am planning on a 5-10 year rehab period, so it will not be a quick process. Owner occupied
In search of a loan that will allow the purchase of a FORCLOSED home in need of repair, repairs to be funded and done by myself and specialty craftsman that I have connections with, without 20% down. Suggestions?
THX, Dana