My fixer aquisition cost is $850,000 and it needs $250,000 in work

By
Home Inspector with 203kOnLine.com, covering the USA S0289

My fixer aquisition cost is $850,000 and it needs $250,000 in work

Just got this call... YES, we can help you.

Chris Davis at Everbank will guide you through their process. Just click on the link for Chris' web-page. It still has to appraise for the full amount including the renovation or in this example about $1.1 Million or so.

Last week the question was for a $745,000 sales price and $150,000 in construction. Yes, these are now doable up to $3 Million loan amount. Not the typical LTV of course but Chris will fill you in on their guidelines for this product. 

We had one a while back that, had it been a single family home would have worked out well for the $1.5 Million purchase and $625,500 renovation project. You can see that this opens up a whole lot more homes for renovations.

Remember the one we did last year for an $888,000 purchase and $150,000, this loan would have been better for the client than the 203k was able to do.

Now you have renovation financing for those higher end home.

REO Realtors can move more of those high end foreclosures with this loan product.

 

 High balance fixer loans

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

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Comments (2)

Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Mike, I think people/agents need to consider renovation loans. I look forward to our next meetup and to learning more about them.

May 12, 2015 04:17 AM
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Thank you Kathleen, I look forward to it as well. 

May 12, 2015 08:10 AM