March 5th, 2009 categories: Real Estate Resourcing
I picked up a brochure the other day from a mortgage company catering to Re-Hab Investors. The terms are as follows:
They will fund the purchase price, all rehab costs and closing costs SO LONG AS all of those costs don't exceed 75% of the final appraised value. There are 2 appraisals done - One at the Purchase and One at the time of the Take Out Loan.
Pre-qualification is for both the Re-Hab Loan and the Take-out Loan (permanent financing once repairs are done). To be eligible for the Re-Hab portion of the loan, you must have at least $20,000 in available cash assets and a 680 Credit Score. The Permanent Loan generally follows FNMA guidelines.
You are your own contractor and up to three draws can be taken during the 90 day Re-Hab period.
Obviously, I am not guaranteeing these terms as this is the information that I was told from the loan officer ... but thought I'd pass it on as good information. For more information, email and I will give you the referral.
We have a listing that would be great for this type of loan. To see it, Click Here.
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