CREDIT UNION OR HML (HARD MONEY LENDERS)

5 Replies

We have a VA loan on our primary house and looking to buy a house to flip (possibly brrrr) that is one street over. I can't help but consider the convenience of the close proximity. BUT, 25% down would put us near the top of our budget and there are many cosmetic updates needed for the value add, I have the tools and know how, we have done two live in flips. We could put materials on the Lowe's card but curious would a credit union consider less than 25% down or is that only likely with HML (hard money lenders) ? Thanks
Originally posted by @Kevin Vest :
We have a VA loan on our primary house and looking to buy a house to flip (possibly brrrr) that is one street over. I can't help but consider the convenience of the close proximity. BUT, 25% down would put us near the top of our budget and there are many cosmetic updates needed for the value add, I have the tools and know how, we have done two live in flips. We could put materials on the Lowe's card but curious would a credit union consider less than 25% down or is that only likely with HML (hard money lenders) ? Thanks

We've done lots of 15% down conventional loans on investment properties that kick the snot out of HML. Has nothing to do with credit union or not.

Chris Mason, Lender in CA (#1220177) and California (#1220177)
415-846-9211

Price shop.  Rates and programs are constantly changing.    

There is a local CU that is interested in building their over 5 unit portfolio and their programs are better than the 4 unit or less conventional. 

Lesley Resnick, Real Estate Agent in FL (#sl3322996)
(904) 316-4306

Thanks everyone, and I will be in touch @Chris Mason

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