All Forum Posts by: Michael Cohen

Phil is correct; FHA C2P (construction to permanent) loans are very rare. And the few lenders that do originate them typically require 6 months PITI reserves.

@Ryan Koehler - that is a good question that comes up often here on BP. With an FHA loan, you are required to move into the property (or 1 of the units if multiunit) within 60 days. Without getting into how or if "they" would find out, not adhering to the requirements or even having the intention of not adhering to the requirements is mortgage fraud. In short: no, there is no legal way around the occupancy requirement.

3.5% is the minimum. You can put down more. 

I missed where you said it was a refinance; sorry about that. You should be good.

Where is Glenn Dale?

I agree with @Sung Park - 30% down is incorrect. Down payment on a conventional loan for an investment property should be 15% for 1-unit or 25% down for 2-4 units.

What kind of work are you looking to do, and how much are you estimating it will cost?

The interest rate - 5+% seems very high, even considering it's a 203K. Also, the various origination fees are pretty high. I would definitely get a 2nd quote from another lender.

I have :)

I can't speak to the negative comments, but I absolutely love this company. That's neither here nor there. A HomeStyle intended for longer-term investment strategies, such as a buy-and-hold, not flips. How long are you considering holding the property?