Fast Close Purchase+Rehab Loan for Owner Occupied Property?

3 Replies

Hi All - I'm looking to implement the "BRR" strategy for my future personal residence and am having trouble finding information on who provides lending in the situation where 1) this will be my primary residence, 2) we will need funding for the purchase as well as renovation costs, and 3) is able to close quickly.

Has anyone done this before or know of any companies that do this? I think the biggest issue is that this is for my primary residence.

I know there is the FHA 203k and Fannie/Freddie products that accomplish this, however, they take too long to close, and I'm looking to make myself look like a cash buyer that can close quickly and indefinitely in as is condition.

Thank you!

@Justin McElroy   I think most lenders who will be financing construction costs along with the purchase will need contractor bids as part of the loan application, and you may need approved building permits before closing.  Those things will likely take the most time.  You should really have an easier time finding a construction loan for a primary residence vs an investment, so that is an advantage.  

Originally posted by @Justin McElroy :

Hi All - I'm looking to implement the "BRR" strategy for my future personal residence and am having trouble finding information on who provides lending in the situation where 1) this will be my primary residence, 2) we will need funding for the purchase as well as renovation costs, and 3) is able to close quickly.

Has anyone done this before or know of any companies that do this? I think the biggest issue is that this is for my primary residence.

I know there is the FHA 203k and Fannie/Freddie products that accomplish this, however, they take too long to close, and I'm looking to make myself look like a cash buyer that can close quickly and indefinitely in as is condition.

Thank you!

Hey Justin

Because it's an owner occupied transaction, you're going to be subject to TRID rules and guidelines.  What that means is you're not going to find anything that's very fast and you will not make yourself look like a cash buyer, regardless of what anyone tells you.

Stephanie