Yep, we are in a similar situation.

I'm looking to use a Fannie Mae Renovation Loan. 

I see too many investors now, put a significant amount of money in rehab costs and over leverage themselves on hard money loans with low down payments, their properties are not selling and they are lucky to just payoff their current hard money loan via a DSCR refinance. 

It's either going to be a single family live-in flip or a duplex/triplex situation.

Here in Chicago, you should expect a range from $200-$275/SF, depending on the location, experience, labor, and material finish level.Are you in a position where you already own some land, or what is your current situation?

closest I saw that happen ( nobody buying) was 08 to 2011.. when investor loans left the building ..

Loan Amount: We specify this as a percent of the purchase price.

The most successful loans are those that do not procrastinate and get the appraisers In ASAP so you can get over any unexpected bump in the underwriting process.

Definitely not willing to put money into something like this and potentially worsen our situation.  

I am a VA loan specialist with The Veteran Lending Team and a proud Marine Corps veteran.