All Forum Posts by: Victor S.

Carrianne Mucho, thanks for clarifying this, I just wanted to be sure there was no catch :)

Yes, if you guys intend to live there 203k is one way to do it. Another way is by getting a HomeStyle renovation loan (FNMA). It has a higher dp requirement for onwner-occupants, but it's not as strict as 203k, as far as repairs are concerned. Check the product matrix in the

https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-factsheet.pdf

HomeStyle renovation loan (FNMA) could be something to look into. Check their product matrix in this pdf: 

https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-factsheet.pdf

What about County Assessor web-sites? Here in OK it seems to be close enough, from what I've seen so far.

John, thanks for replying. I don't think it "has" to be your primary/secondary residence. Per their guidelines: "Eligible borrowers include individual home buyers, investors, nonprofit organizations, or local government agencies."

"One- to four-unit principal residences, one-unit second homes, or one-unit investor properties including units in condos, co-ops, and PUDs. No manufactured housing."

Can't find what they meany by being an "investor property", though. Can anyone clarify? (flip vs rental or both?)

Also, on what date was your offer accepted? It look like it took over 3 months from your above timeline. Thanks again.

John, how long did the closing process on HS take? You've mentioned a 10% contingency reserve. Was it an out-of-pocket 10%, based on purchase price + repairs, or repairs only? Thank you.

Some threads on here:

https://www.google.com/#q=Fundingforflipping.com+site:www.biggerpockets.com

Look into HomeStyle renovation loans from FNMA. 80-85% LTV (ARV or purchase + cost of rehab, whichever is smaller) for 1-unit investment properties.

Hey, fellow Okie! First things first. Educate yourself :) That does not require much, if any, money. Scavenge this forum and see where it gets you, while trying to save as much money as possible. You could try and get into a house via a FHA loan (3.5% down). There are many grants available that will pay that money down, by the way. Check this site:

https://www.ok.gov/ohfa/Lenders/Lender_Resources/

Get a good enough property and you could either sell it in 2 years and bank some equity or rent it out after one year and get another property. Keep reading.

Check out HomeStyle renovation loans (FNMA). Allows for an investment property (1-unit) financing. Not sure on closing times, however (definitely slower than HM).