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Updated about 9 years ago, 10/05/2015

User Stats

196
Posts
83
Votes
Orion Walker
  • Investor
  • Ukiah, CA
83
Votes |
196
Posts

Got this one thanks to BiggerPockets

Orion Walker
  • Investor
  • Ukiah, CA
Posted

A few months back I posted a question about renovation loan options. We needed a renovation loan but weren't eligible for 203K because we currently have an FHA loan. Big thanks to @Mike Martin Who suggested we look into a little-known loan option called Fanie  Mae Homestyle. Fast forward a couple months through a slow escrow and we now have title and 65k renovation budget on this cute little two house fixer on a beautiful acre. 

Thanks Mike. Thanks BP. 

User Stats

252
Posts
175
Votes
Charles Soper
Pro Member
  • Rental Property Investor
  • Tehachapi, CA
175
Votes |
252
Posts
Charles Soper
Pro Member
  • Rental Property Investor
  • Tehachapi, CA
Replied

Hey Orion Walker , any update on this project? How has the Homestyle loan worked out? Are you done with the reno's? Would/can you do it again?

  • Charles Soper
  • User Stats

    196
    Posts
    83
    Votes
    Orion Walker
    • Investor
    • Ukiah, CA
    83
    Votes |
    196
    Posts
    Orion Walker
    • Investor
    • Ukiah, CA
    Replied

    @Charles Soper, I should post some before and afters. Wish I could say we are done, but not quite yet. Contractor hasn't exactly been fast. But I like the loan a lot. process has been very smooth thus far. 

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    User Stats

    144
    Posts
    28
    Votes
    Kevin Trumbull
    • System Administrator / Investor
    • Eugene, OR
    28
    Votes |
    144
    Posts
    Kevin Trumbull
    • System Administrator / Investor
    • Eugene, OR
    Replied

    Wow, 10 months later?  When did you close?  Is it taking so long because of the Homestyle complications, or just a slow contractor?