Updated over 5 years ago on . Most recent reply
Owner occupied rehab loan after VA financing in Asheville NC
Hello BP family,
I am getting ready to do my first deal with a VA loan in Asheville NC. Going to be getting a multi family that needs some work. It won't be a huge rehab because VA has standards I have to abide by but enough to pull some equity out after a refinance in a year. My question is. Does anyone have a good recommendation for an owner occupied rehab loan? The hard money I've seen is investment properties only. The VA has a rehab/new construction home loan but finding a bank that offers it has been impossible so far. Any input would be greatly appreciated. Thank you for your time and thoughts.
Most Popular Reply
With your timeframe being a year from when you purchase, it's tough to say what the best option will be at that point. For example maybe you get lucky with appreciation, and a cash out refinance will do the trick.
If you don't get lucky with appreciation, the two standard renovation mortgages out there are FHA 203(k) and Fannie Mae HomeStyle.