Having Trouble Finding A Loan For A Rehab Rental

[Mel Gardner]

Hello, I'm currently a home owner and have been trying to figure out how to turn my house into a rental. I have a very good interest rate and will most likely take out a HELOC out to finance a rehab rental. I'm getting stumped on how to get a loan that works. FHA means I would have to live there 2 years and HML payments are higher than I can afford. Any help would be appreciated.

[Michael Doherty]

Hi Mel - Have you got in touch with an experienced lender? They should be able to help you strategize what will work given your current situation and qualify you appropriately. 

Also, FHA you only have to live in the home for one year. You may also qualify for a low down conventional loan. HML are for short term purposes and you'd generally want to refinance out quickly.

I’d recommend reaching out to @Ryan Deasy for your lending needs.