Rehab Loans are a great way to buy investment reo properties in the Minneapolis and St Paul Metro area.
How they work:
Purchase + Construction costs = X
Rehab loans require a 20% down payment of X
This means that 80% of all costs are financed
These loans do require proof of repayment and credit scores of a 620 FICO or better
Many investors and agents do not qualify for the most populiar rehab loan called the FHA 203K. It is a common mistake made that people think the only way to buy these great bank owned properties is cash if they can not get the FHA 203K loan or other conventional mortgage programs.
This is not TRUE!!!
Qualified borrowers can buy using commercial rehab construction loans. Both for buying to fix and sell or buying to fix and rent.
If you or a client of yours would like to learn more about these great loan programs do not hesitate to contact me.
In the Minneapolis and St Paul, MN Metro all Rehab Mortgage Loan questions are being answered by Tim Jochim.
He is our experienced Rehab Construction Loan expert!
Tim Jochim 612-702-1111
Dax Dickson
Owner
The Commercial Finance Store, LLC.
612-578-9898
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The Commercial Finance Store - Saint Paul, MN
Tim Jochim is now dealing with all new clients.
Tim can be reached at 612-702-1111
He is available to answer all basic questions and all new clients start the commercial process with Tim.
Thank you!
Dax Dickson
Owner
The Commercial Finance Store
Apr 13, 2010 02:20 PM
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