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Updated over 5 years ago on . Most recent reply

Kristin Smith's profile image
Kristin Smith's profile image
Kristin Smith
  • from Vermont/Tennessee
  • Member since Sep 9, 2018

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Kristin Smith's profile image
Kristin Smith's profile image
Kristin Smith
  • from Vermont/Tennessee
  • Member since Sep 9, 2018
Kristin Smith
  • Vermont/Tennessee
29
Votes |
25
Posts
Private Lending & Conventional Mortgage Advice

Help! Renovation loans suspended!

Kristin Smith
  • Vermont/Tennessee
Posted

I was in the process of purchasing a REO, had conventional financing but was in the process of switching it to a FNMA Homestyle loan due to the appraisal calling for repairs before closing. Then my lender contacts me and says all renovation loans are suspended due to Covid-19! Now I'm up a creek- Since I'm not allowed to do repairs before closing, my lender has canceled the conventional loan. Anyone else running into this right now?

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Sam Shueh's profile image
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Sam Shueh
  • Real Estate Agent
  • from Cupertino, California
  • Member since Apr 2, 2016

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Sam Shueh's profile image
Sam Shueh's profile image
Sam Shueh
  • Real Estate Agent
  • from Cupertino, California
  • Member since Apr 2, 2016
Sam Shueh
  • Real Estate Agent
  • Cupertino, CA
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Sam Shueh
  • Real Estate Agent
  • Cupertino, CA
Replied

Hard money.

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