Melbourne, FL · Member since 2017 · 45 posts · 11 votes
Where are you? A lender that will do a long term mortgage to purchase a property for holding as a rental, but needs rehab? Looking for a loan which includes purchase price and rehab, like a fix-n-flip loan, but want a long term mortgage instead of having to refinance after 6 months.
Where are you? A lender that will do a long term mortgage to purchase a property for holding as a rental, but needs rehab? Looking for a loan which includes purchase price and rehab, like a fix-n-flip loan, but want a long term mortgage instead of having to refinance after 6 months.
Do you exist?
Jonathan
Hi Jonathan,
The product you're after is Fannie Mae HomeStyle. Most lenders (I'd say at least 4 out of 5) that do 203k will also do HomeStyle, but no one has heard of HomeStyle so 203k is what folks put on their websites. That should get you started on google.
Where are you? A lender that will do a long term mortgage to purchase a property for holding as a rental, but needs rehab? Looking for a loan which includes purchase price and rehab, like a fix-n-flip loan, but want a long term mortgage instead of having to refinance after 6 months.
Do you exist?
Jonathan
Hi Jonathan,
The product you're after is Fannie Mae HomeStyle. Most lenders (I'd say at least 4 out of 5) that do 203k will also do HomeStyle, but no one has heard of HomeStyle so 203k is what folks put on their websites. That should get you started on google.
Lender · Dallas, TX · Member since 2018 · 110 posts · 32 votes
8y
More likely route would be to use a hard money lender to acquire and rehab the house and then refinance into permanent financing once completed and rented. There are mortgage brokers and lenders out there that will provide one-stop shopping. (They will pre approve you for the permanent loan and then hook you up with a hard money lender for the interim)
Melbourne, FL · Member since 2017 · 45 posts · 11 votes
8y
Hi Kerry! Nice to talk with so.eone from Melbourne! I Only found lenders that will do flip loans and then need to refi. That seems to be the process. Which is twice the closing costs.
Hi Kerry! Nice to talk with so.eone from Melbourne! I Only found lenders that will do flip loans and then need to refi. That seems to be the process. Which is twice the closing costs.
Jonathan
Did you try finding a lender that will do the HomeStyle Renovation product? 80% is the max loan to value for investor purchase on that product, but that probably similar to hard money.