All Forum Posts by: Alexandra Scardo

Thanks for reading my post! I have 10-15% which is why I am deciding between FHA and hard money. I don't really understand FHA program. My loan person has prequalified me for a renovation loan. My market is far enough away to buy as a second home with 10% down. If I use this loan can I still get a good cash out refinance? Thanks!

I’m still trying to wrap my head around the Brrrr process. I’m planning to use financing for my first purchase. Which scenario makes more sense?

Buy using an FHA Reno then refinance with a bank

Buy with hard money then refinance with fha loan 

@Patrick Bavaro Let me see if I have this right. My property is worth 120k and I still owe 50k. I have 70k available to go towards a downpayment. Right? 

In calculating the actual construction loan amount will it be the 50k+construction costs? Or is it the entire value 120k+construction costs?

Thank you so much! I’ve spent years studying everything to do with investing in houses and then this opportunity to buy land came up and I just jumped. This explanation is helpful.

I need some help understanding how construction loans work when using land as a downpayment. We have several acres that we bought for $100k and still owe 50k on. The land value is, conservatively, $120k. There has not been a recent appraisal. I have spoken to both a mortgage banker and a modular cabin company and explained our situation. They have told me that assuming credit, debt, etc check out fine that I will have enough equity in the land to make the downpayment for the cabin that I want. I chose the cabin based on comps from the last 6 months in my area. The plan is to build and then cash out refi. So can someone explain how this works?