Updated about 3 years ago on . Most recent reply
Seeking advice on financing a rental
I want to get a loan similar to a 203k or FannieMae Homestyle loan where the purchase price and rehab are rolled into one long term loan and you just put a down payment on the single amount. A lender that will care more about the cash flow of the property and my credit score, not my DTI. This will be for a single family rental property with an ADU. Anybody know of or offer loans that may fit this criteria? I want to put 15-20% on the property.
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@Joseph Stern- as you likely already know - these " rehab" type loans are normally for " owner occupied "/ Primary residence purchase transactions .......you can get get a rental loan with 15% down so maybe with the additonal 5% you would have available - you can get started on some projects ?