I am looking to buy a fixer-upper in North Bay and need to finance both the mortgage and the rebuild. It won't be a complete tear down and start new, but will cost around $400-$500 k in repairs and expansion, while the home will cost around $1.1M to buy.
My question is which is the best financing option for something like this? Will bank finance or use Fanniue Mea on loans this big?
203k, but there might be an upper limit
@Michael Daharsh ...you're going to want to go retail bank portfolio for a loan of that size. FNMA's conforming is not going to work with a buy price of 1.1MM and rehab of say $500k. This is assuming you're looking for higher leverage financing. Depending on location, I'd check with US Bank and/or Banner Bank, for starters.