Refinance in low income neighborhoods
Hi all. Was wondering where to go to do any refinancing on homes in low income areas.. the houses are under 100k more like 50k to maybe 80k.. banks have a minimum house worth 100k.. I own it free and clear so there is no mortgage. So can't do a heloc cause they want you to have a 1st mortgage already.. who does refinancing on house under 100k? And with the money I would rehab the house adding a bed and a bath so I'm adding value to the home and with the rest I will be using it to acquire more homes with my llc and work my company 100% of the time..
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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I have yet to find a lender who will do this. You may find a private money lender who will do a 30 year cash out refi.
I might be able to do them, depending on your scenario and how much you're looking to borrow. Feel free to give me a shout if you're interested in connecting.
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#1 Creative Real Estate Financing Contributor
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Quote from @Jasmine Wilkes:
Hi all. Was wondering where to go to do any refinancing on homes in low income areas.. the houses are under 100k more like 50k to maybe 80k.. banks have a minimum house worth 100k.. I own it free and clear so there is no mortgage. So can't do a heloc cause they want you to have a 1st mortgage already.. who does refinancing on house under 100k? And with the money I would rehab the house adding a bed and a bath so I'm adding value to the home and with the rest I will be using it to acquire more homes with my llc and work my company 100% of the time..
A few DSCR lenders will do these refinances with a minimum loan at $75k so should be workable
