Fannie Mae Homestyle Renovation Loan

[Reid Hanley]

I am buying and renovating a double wide mobile home as an investment rental. I came across the home style loan online. Has anybody used this loan product to renovate a mobile home? Curious what parameters they have for DIY repair as well as how they determine ARV and LTV. Any input is greatly appreciated! Thanks BP!

[Reid Hanley]

Originally posted by @Dmitriy Fomichenko:

Originally posted by @Reid Hanley:

@Reid Levy...no I didn't.  The lenders I spoke with were not able to approve it on a Mobile Home property.   Unfortunate but not unexpected I guess.  It is a challenge getting debt in place on these types of homes.  Looking into self financing through a self-directed 401K now.  

Reid, do you mean that you want to use your 401k to finance this investment for you? If that it s the case this would be prohibited transaction according to the IRS rules.

What I mean @Dmitriy Fomichenko is that I am looking into setting up a self directed 401k that I could use to purchase this property as an investment.  I'm aware I can't benefit directly in the purchase, rather my 401k has to benefit.  I still have much to learn about the allowed and prohibited transactions, but I'm doing my research now.