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Updated over 3 years ago on . Most recent reply

William Hinsche's profile image
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William Hinsche
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William Hinsche's profile image
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William Hinsche
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  • from United States
  • Member since May 7, 2021
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William Hinsche
  • Investor
  • United States
11
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55
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General Landlording & Rental Properties

FHA 203K program vs. Home Improvement Loan vs. Other?

William Hinsche
  • Investor
  • United States
Posted
FHA 203K program vs. Home Improvement Loan vs. Other?

$50K-$60K rehab costs for a duplex.

Need lowest cash in, and lowest monthly payments. Shortest timeline to make ready.

Which one do you recommend?

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Jason Wray
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Jason Wray
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Jason Wray
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Jason Wray
  • Banker
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Replied

Your going to to want to use a Fannie Mae/Freddie Mac renovations loan. FHA is going to hurt you in the ROI aspect due to the UFMIP 1.75% and the MIP .85%. Versus the Conv PMI and rates with no UFMIP.

If you have good to fair credit your best using a conv. program to avoid the UFMIP & higher MIP versus PMI. You can also use seller Contribution to buy out the PMI lender paid going Conv.

  • Jason Wray
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