Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
****These programs are city/state specific*****
FEES per Loan: 5.5 origination points plus closing costs
On the Rehab:
90% of purchase plus 90% of rehab financed up to 65% of the ARV
If you have a 650+ FICO with all bureaus, the LTV can be extended to 70% of ARV ($100k ARV minimum).
For loans from $50k to $99,999, LTV is limited to 65% of ARV
For loans sub $49,999, LTV is limited to 60% of ARV
"30 Year Rehab to Perm": Rate is 10% during rehab, then converts to perm once rehab is completed, with rate range of 6.5 to 8.25% fixed, depending upon Loan Amount/DSCR/Cash-Flow.
(It's one loan that gets modified when the construction is finished. Interest rate is 10% until it's completed and it is calculated per diem so just as soon as it is verified completed via completion certificate from the initial appraiser, they move to the lower interest.) PERMANENT FINANCING:65-75% LTV