Looking for Lender for my first rehab

[Naba Tumurbaatar]

Hello, Everyone

I found good property and has lots of potential however need to find fund to purchase and repair. Is there any lender in Orlando that do private money lending with no down payment! Do points from the loan. If yes how much would be the loan from after repair value? If that is not the case, how it is usually works? 

Thank you in advance.

[Luke Diem]

If you don't have a primary residence I have found a few lenders that will finance 96 1/2%-95% of the cost of house plus rehab costs. I am considering this path for my first fix and flip because I am currently renting and I don't own a house yet. A few of the qualifications for this type of loan are a 680 credit score or better, must have an acceptable debt to income ratio, desired house must meet certain expectations (working toilet, running water and a few others I don't know off the top of my head). I would suggest looking into this type of loan (home renovation loan). If you already have a primary residence they also do a similar loan with house cost and repair cost wrapped together if you put 20% down. For both primary and investment loan they also wrap in the mortgage payment for a predetermined length of time, so if your fix and flip will take 6 months you will not have to make mortgage payments during that time period. So I believe the 3 1/2% - 5% for primary residence and the 20% for investment property will be the main amount of money you will have to put in out of pocket. Please note I have not yet done this myself, if any information isn't entirely accurate I do apologize. Hope this helps!