Updated over 8 years ago on . Most recent reply
Fixer-upper home loans Non occupied
Are there loans out there for fixer-upper homes that are non occupied? I like the 203(k) loans but they require you to live there; I can't occupy two residence at once. I definitely would like to stay away from hard money lenders at first, because I'm new to real estate investing and nervous about the balloon payment I here about. Any suggestion will be greatly appreciated or article I can read to further my knowledge on this topic.
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Thanks for the mention @Eric Loya. Yes @Adam Read there are alternatives. The most competitive one from an interest rate standpoint is the Fannie Mae Homestyle Renovation loan. For a non-owner occupied purchase, its 85% LTV and if its a refinance, its 75% LTV, all with conventional rates.