Rehab loans - Posted by Amy /Texas

Posted by jp on November 04, 2000 at 05:01:56:

I’d really like to know the answer to this one too. I’m facing the same obstacle.


Rehab loans - Posted by Amy /Texas

Posted by Amy /Texas on October 30, 2000 at 23:21:21:

Did I miss something? I guess so. We were preapproved about a month ago with a rehab lender. We just came across a great find today. Nice home, dosen’t need much , maybe between 5K -10K worth of fixup. Comps in area are 125K. House is a VA foreclosure for 87k. After a month of looking for properties , we were really excited to fing this one.

But, to my dismay , when discussing it with our lender today, she was talking about “the 10% down”. We didn’t realize there would be a down. We don’t have the 10% down.

Are we going in the wrong direction? Are there lenders that require no down? Or what are other options?

This bid is due by midnight tomarrow , so a quick reply would be appreciated.