Fannie Mae HomeStyle

[Bernard McMullan]

I'm about to purchase through a short sale a property for cash @20K. It's moderately rough, (mostly a stupid layout of bedroom, bath and kitchen) but I'm estimating an infusion of ~$40-$45K will make it an attractive rental (~$1,250) with an estimated value based on adjacent properties of $100K-110K. I invest only in my immediate neighborhood.

In my past 4 purchases of investment properties, I've simply paid for the renovations but these were modest at $10K to $15K.

I'm considering a Fannie Mae Homestyle to support solely the renovations. What are your recommendations?

Oh, and who know a reputable Homestyle lender in NJ?