Any lenders I should use?

Question

I can't seem to find any lenders besides a hard money lender with super high interest rates.. But I would only use them for flipping the houses I buy.

What should I use for a 203k loan or FHA loan? Or what other loans are out there for buy and hold investments that include the renovation costs? Any help or leads would be greatly appreciated thanks.

I have about 12,000 to work with for a deposit, I'm almost 90% sure I have a partner to work with and I'm working on getting my real estate license... Thanks !

Steven Gesis · Answer

For owner occupant you can utilize the 203k Standard/Full or the 203k Limited/Streamline. If you need a lender for this in the Philadelphia Area try the following

• Wells Fargo
• Prospect Mortgage
• Movement Mortgage
• Fairway Independent Mortgage

If you need anymore, please feel free to contact me through private message.

Investor renovation loans, are averrable, they require 20% down, I would ask the above referenced lenders for a y suggestions as it pertains to non-owner occupant.

Sean Richway · Answer

@Zack Karp  Thanks for the shout out again!! :).......I do in fact lend in NY so this would be right up my alley.

@Arianne L.  Thanks for the shout out as well!  Correct, I can do 90% of purchase and 100% of rehab in FL.  I also have the ability to offer just a 90% of purchase program option as well for those that are buying market ready properties at a discount.

@Mia

@Mia Gomez   FHA 203K loans are very advantageous from a rate standpoint for flipping properties.  The biggest downside to these are the strict guidelines that must be met and time frame in which it takes to go through the process.  I can offer our 90% of purchase and 100% of rehab program in PA.  The purchase only program is also available there as well.  We only require a 500 credit score or higher as long as there are no BK's within 3 years or short sales/foreclosures within 2 years.  Feel free to email me directly if you wanted to discuss further.

Joseph Scorese · Answer

Hi @Mia Gomez,

Welcome to BP!

A lot of great education, networking and opportunities.

Let me know if I can assist.

Regards,

Joe Scorese

Mia Gomez · Answer

thanks @Arianne L. but I was looking more for like some companies.. I had in mind using a 203k loan as well as a hard money loan but I can't find anyone that's willing to work with my credit. I'm here in Philadelphia. @Zack Karp do you know if   @sean richway  provides the type of loan I'm looking for? Thanks again

Arianne L. · Answer

@Shannon K. The person mentioned above, @Sean Richway, has a program and he quoted 90% of PP + 100% rehab here in FL. Definitely ask him about your specific case and location.I have another HML but they only lend in FL for now

Zack Karp · Answer

@Shannon K.

I think that @Sean Richway has a 90% of PP + 100% of rehab loan.  Not sure if he lends in NY.

Shannon K. · Answer

@Arianne L., do you have any sources for nationwide HML that we might be able to use that require only a 10% downpayment? I've been searching for a month now and so far 7 out of 7 I've spoken to want at least 20% down and astronomical rates/points even with my good credit, liquid cash, and a very experienced partner. Not a one willing to lend in Buffalo, NY with only 10% down. I'm still searching and would appreciate any help!

Arianne L. · Answer

@Mia Gomez a 203k is an FHA loan. If you want to do a live in flip (you live in the house while you fix it up. I believe you have to live in the house for at least 1 year if you use FHA) then FHA 203k is a good option. Now the 203k will have higher interest rates as well but not as high as HML. I think there is also a Homestyle Renovation loan available for rehabs.

If you want to flip a property and not want to live in it, HML or having a partner with funds can be a good start. There are HMLs that only require 10% "downpayment" and will fund both purchase and rehab. So with your $12,000. You could fund a 120,000 total purchase and rehab.