All Forum Posts by: Chris Igard

I found a home for 200K with a $120K renovation loan.  Between the contractor and myself we can address the issues with the home for $40-50K with the remainder going back into the principal of the loan.  The renovated home will appraise at $400k. The home is ahead of gentrification in a very nice area.  Most of the homes in the immediate area sell for between $500-$550k and double and triple the amount about a mile in any direction.  I went under contract with the plan of moving in and living in the home for 2-3 years and then renting the property.  As a primary loan it would cost 5% down with discount fees.  I was told the other day by the bank that it would be financed as a investment property and require 20% down with points.  This would deplete my savings and put me in a very tight bind.  Would it be smart to purchase the home and do a cash out refi in 3-4 months for the money lost with the down payment or just walk away.  The home loan would finance at $320K with 20% down bringing us to $256K.  The remaining amount of the unused portion of the renovation loan would go back into the principal at $70k.  This would bring the principal down to $186K. The renovations will take 3-4 months to complete but could be done faster if I work on more of it.  The goal would to be to cash out at that point once we move in.  Please help, thanks/.

Anyone out there have any good information on a cost effective way to do this for someone with fewer then 10 doors? Thanks 

I need a lender that’s familiar with a conventional renovation loan. I need to move off of the lender I started with. This would be used as my primary residence.  Please dm if you’re interested. 

Thank you

Thanks 

Thanks Bob, I appreciate it. These are for the 203k standard I’m doing the limited. I appreciate you all the same though.  

@Chris Mason where is this deferment language located? Many people say that it’s possible and a few say that it isn’t including my loan agent. I’ve searched everywhere for this. Thanks. 

I’ve heard on multiple podcasts about the 203k loan that you’re able to either defer or roll the payments into your mortgage while the work was being completed for up to 6 months to prevent people from having to pay rent at two different locations. They never specify whether it’s the 203k limited or the regular 203k. I’m hoping someone knows and can direct me to where it’s at in writing. Thanks.

I’ve heard on multiple podcasts about the 203k loan that you’re able to either defer or roll the payments into your mortgage while the work was being completed for up to 6 months to prevent people from having to pay rent at two different locations. They never specify whether it’s the 203k limited or the regular 203k. I’m hoping someone knows and can direct me to where it’s at in writing. Thanks.

I've been listening to quite a few Pod casts and I heard that you can wrap an FHA 203k into your mortgage for up to 6 months to prevent paying 2 house payments while you fix up the new home. Is this for the limited 203k and regular 203k? Thanks in advance.