GNMA accepts the 203(k) mortgage once it has been endorsed by HUD.

So, I'm not sure why I'd accept a lower rate for these short loans.

In fact, they accepted that they didn't.

Actually, we have made several offers, none have been accepted.

That additional risk is reflected in a loan portfolio (secondary loans or not) by reducing the LTV to 75% but this is not a hard rule in a portfolio loan, but generally accepted as being a more prudent banking practice.There is no seasoning requirement, generally, by any regulator but by loan guarantors and mortgage insurance that may cover a loan portfolio obtained by the lender or in hedging arrangements.

This group has a lot more people with acceptable credit and a few people with excellent credit.However, as you said, this somewhat depends on your locale.

However, the law specifically mentions that giving the homeowner the ability to lease back the property with an option to buy is acceptable.

One simple goal...Have one of our offers get accepted.

A marginal investment (good only because your IO payments make it acceptable) could quickly turn into an albatross.

We are currently looking into rehabbing an 8-unit Apartment building and we are accepting bids.