How to finance this deal?

I found a SFH fixer I am interested in purchasing. The purchase price is $190k, the tax appraisal is $250k, and the ARV is $330k. It needs approx $65k in rehab.

Is it possible to get 100% financing and take out a rehab loan for repairs? Is there a way to work this so I won’t have to have any money come out of pocket? Would this be a HML situation or would a conventional bank loan on the house and the rehab? My credit score is low 700’s. Thanks in advance.

A hard money lone will most likely not work as they are usually only 70% of the after repaired value.

Soft money or a conventional rehab may fit at 80%.

What city is the property in?

Tell me about your past 2 year work history?

Would you be able to qualify using your income and assets or do you need a reduced documentation loan, i.e…no ratio or stated.

The property is in Overland Park KS. I’ve been at the same job for 4+ years and my income is around $85k. I don’t really have any assets since I’m a renter and I’m not sure what I will qualify for. I’m sure my debt to income is below 25%.

I will probably end up carrying the property for a max of 6 months. I was thinking even if I could get partial rehab financing I could put pay the rest on credit. I’m sure I can cover carrying cost but I just don’t have alot for a down payment.

You should be ok with a conventional rehab loan of 80% arv. This would cover the cost of purchase, fixing up, and costs.

I’ll send you an email.

Thanks for the help. Send me an e-mail I would like to hear more.

send me that email also! ;D

National City has a pretty good rehab program if you have the income and scores like it seems you do. I would check them out.

National city will make you come out of pocket for investor loans. There are better options.