Need Help With Financing Resources

[Ryan Collins]

I'm considering applying for pre-approval of a HomeStyle Reno loan I've been discussing with a loan administrator for a while. Seems like a decent go in terms of deal financing and ensuring the security of my first flip (that is not my primary residence) to make sure nothing goes awry. However, I do see some drawbacks of this type of financing so I wanted to ask around to see if anyone can help guide me to other sources that are as flip/investor friendly as this, if not more?

I'm open to everything. Thanks in advance for any suggestions!

P.S. - I'm operating in the Ohio market

[Ryan Collins]

@Taylor Chiu I wasn’t either a friend of mine used it and had some success. Here’s a summarization: Min Credit Score - 620 Rates (Vary Depends On Program) - 5.35 - 6% Min Down Payment- 15% Loan allows you to roll purchase & rehab into one loan, in addition to the buffer they add in as a contingency plan Terms - 15 - 30 years No prepayment penalty 6 month seasoning period req’d for refi I believe DTI needs to be below or around that 40-45% range 2-4 Points