We are local contractors in the area looking to get our feet wet in the real estate investing waters.

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

My 2 cents is right there with the other guy, get into something on your own first to test the waters and know what it’s like to actually buy and do some work.

Although instead of knowing about roofs and rehab.. land folks need to know about:Zoningwhere is the power  is there internethow deep are the wells or is its an area that water is super toughDoes it perc. and or how expensive are septic systems.Wetlands Etc.Now if you target land with all city services then its just dead simple.. figure out the retail value and buy below it and do your flip..

The agreement stipulates:"The owners agree, that no water shall be used for commercial purpose, but only for their private domestic use including vegetable gardens and livestock maintenance."

ABC kept the first two and half months of rent from the rental guarantee for tenant placement fees and utilities (water, electric).

As a sidenote I see people doing this and jacking up the price of the home to seller finance to above market value - if you do this you better be VERY clear with your investors that you are writing a $300k loan on a $250k property as if you do not you can get in some serious hot water later on down the line when doing valuations of the company. 

I was in escrow on a house in a fire and flood zone. 

Bridge is flooded 8 feet now so have stay on our side for 2 days.  

For example we largely scaled our portfolio with conventional loans, but when considering our overall application for a new conventional loan we don't get flooded with details on the other properties because it's incorporated into a business entity.