Updated almost 10 years ago on . Most recent reply
Under 100k loan..Portfolio lenders in Georgia?
I've got a house under contract for under 100k and just found out that i can't get a conventional loan under that, so i'd have to use a FHA loan. I was planning on fixing the house up with my own money and then renting it, but i really don't want to be stuck living there for 2 years with FHA.. If i were to find a portfolio lender would they be able to help in this situation? My other idea was to try for the Homestyle loan at 100k to qualify for conventional financing and have the money to repair, but i dont know how easy that process is. Please message me or comment with any helpful information, as this is my first purchase, so i'm new to this all.
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You'll need a conventional alternative as hard money lenders will not lend on an owner occupied property. Some bank lenders will do smaller loan sizes under $50k, but not may.