All Forum Posts by: Andrew Rickli

Hey Al Costanzo. I went to Morgantown when I was in school. One of my good friends owns 6 townhome complexes...two on Van Voorhis Road. I know a ton of investors let me know.

Finance

My bank offered me 3% down, no PMI and I could take 20% of the sales price to use for rehab. Chase has a program similar. Search around, put less down, don't pay the PMI, have the other tenant paying your mortgage, save up your cash, and watch your equity build.

Is this commercial or a personal loan? Crazy they will do 90% LTV as that is over the federal reg amount and banks typically don't like to make exceptions (fed examiners don't like exceptions). Good deal if you can snag it.

Whats the origination fee? Are they requiring a personal guarantee?

If you're in the DC/Baltimore Metro areas, PM me for the bank info. 

Hi all, 

I was able to find a great loan program through a bank that offers 3%, no PMI, no origination fees, no points. This loan program also offers the option for me to take 20% of the sales price and use it for rehab.

The property is a 1935 3,000 sq ft brick colonial duplex. In a nice and quiet neighborhood and in a desirable part of town. The house definitely needs work. Most original wood windows need to be replaced, HVAC will need to be installed, both kitchens need updated, all bathrooms can use updates, painting all around, refinishing the original hardwood floors, adding new/nicer carpet in the bedrooms. 

Luckily my fiance's side of the family has 3 builders including her dad, who all offered to help with the rehab in order to create some sweat equity. I wanted to see if anyone has done a rehab loan program through a bank, and if so how did it go?

What rehab will give me the best shot at increasing that "as complete" appraisal value? I'd like to create a "luxury home" rental, on a contractor grade budget. Any tips you can give me would be great. As a note, I'll be occupying one side and letting the tenant in the other side pay my mortgage down for me, while I pay myself each month in a reserve account. 

Originally posted by @Jon Holdman:

FHA is your only option for that low of a down payment.

Luckily, I am purchasing my first duplex (just got the pre approval). Financing is great through an in house mortgage option. 3% down, no PMI. Lowest rate is 5/1 ARM at 3.25%, or I can lock into 30 years at 4.25%, if I was at 90% or less LTV, rate would then be 3.99%.

I'm considering the 10/1 ARM at 3.75%.

Emily, If it's owner occupied, we can do 3% down, no PMI over 30 years. Unfortunately if you are purchasing as an investment most banks will want 20-25%. You might be able to find 15% down, but it's rare. Maybe look for a hard money loan, or seller financing.

@Robert Fountain says that your post was removed. 

Robert Fountain it will not let me PM, can you start the PM?