Mixed Use 2 to 4 unit Little Known Loan
Saturday, July 01
I wanted to contribute to the BP community something that I think is not generally known on financing a small, 1 to 4 unit, commercial & residential building. Alert : It has to be owner occupied for 12 months. Having said that what I have done for clients is use an FHA 203k loan to secure 3...
HomeStyle conventional loan examples: Investors Welcome
Wednesday, May 24
HomeStyle Renovation Loan - 3 Quick ExamplesAs a Loan Officer specializing in renovation financing I wanted to pass along 3 examples of how the Fannie Mae Conventional HomeStyle renovation mortgage has worked for clients of mine. My own view is this conventional rehab mortgage has not been explai...
Here Is Why FHA 203K Can Be a Great Way to Fund a Home Renovation
Wednesday, February 22
As I meet with clients who will be purchasing a home to rehab they often ask me what are different ways pay to for it. Certainly the obvious answer is to use cash. But in asking the question it may mean cash is not an option. Another question I’m asked is can they secure a Home Equity Line or Loa...
HomeStyle Rehab Loan for Investors
Thursday, January 12
The question is asked, what other loans are there for repairs to a home or renovation besides an FHA 203K or as an alternative to FHA 203K ? Is there a rehab loan for investment rental property ? Is there a rehab loan for a vacation home ? Is there a renovation refinance mortgage loan other than ...
Use an FHA 203k for a 2 Unit Purchase & Become an Investor
Thursday, December 08
Here in Chicago I speak to many buyers and their Realtors who need rehab financing to both buy and repair properties. I wanted to give an example of a strategy that can work to a buyers advantage on a 2 unit, or duplex or as we say in Chicago a “2 flat”. I’m speaking to first time buyers as well ...
Fear of Cost on a Home Rehab Project
Tuesday, August 09
This year I have met many clients who are exploring whether to buy a property to rehab or not. Other of my clients are thinking of a rehab on a home they have purchased in the last few years that no longer serves their needs. In some cases there is a fear of doing a renovation that I detect. As a...