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.
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.