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Updated about 10 years ago,
Can you get a Homestyle loan with no out of pocket?---Other questions too
I've been doing some research on the Homestyle loan for investors. I get most of it. I know there are hoops to jump through and it can be drawn out. From what I can tell, as an investor, I could get 75% ARV on a SFH. So, hypothetically, if I find a house for 50k that requires 25k in rehab and costs, with an ARV of 100k, will I need any out of pocket money, since I will already be at 25% equity, after rehab?
Other questions--Is mortgage insurance required with that amount of equity? What kind of rates are offered? Are you allowed to flip, or must you wait for a certain length of time (anti-flipping rule)? If there is MI, can you refi in a short period of time?