Posted by Ben Carmona on September 19, 2006 at 02:32:48:
We see loans like this every day. You’ll have no hang ups other than finding a great property. Your credit score is high enough that you may be able to qualify for a conventional rehab loan. This would be 80% of the after repaired value and would include money for purchasing and fixing up. Should also be able to cover the cost.
You would have to provide full documentation of income and assets. General contractor must do the work and the work has to be more than just cosmetic.
If you are not able to qualify for this then they’re are other alternatives. One of those would be using a hard money lender that is not concerned about your credit score and does not have income or asset verifications.
These are the types of loans that mortgage planning consultants specializing in investment loans handle.
Looking for rehab loans…mid 600s - Posted by Jennifer
Posted by Jennifer on September 18, 2006 at 13:22:34:
I want to get into real estate investing, and I would like to do a few quick “flips” in the beginning to build up my cash reserves. I don’t have anything to put down, but I have a decent income (I’m a nurse) and mid 600 scores, BK six years ago and perfect credit since then. I would like to have a lender lined up before I even start making offers…it would make me feel more confident that I can do this. I guess I have a fear of getting a fixer-upper deal under contract and then not being able to find appropriate financing. I’m in NC. If anyone can point me in the right direction, I would appreciate it.