100% financing for single family home

Right now I’m working on a deal that appears to be pretty good. The home is for sale for $136,000 in the central FL area. I plan on offering $115,000.00. I wouldn’t pay any more than $125,000. I have 3 comps that average a little more than $200,000. It needs about $10,000 in repair/upgrades, probably less than that, but $10k is safe. I would like to fix it, rent it out for about 6 months, then sell it.

My question is this, are there any lenders that would lend 100% of purchase price on this type of deal? I would prefer to use the resources that I have on rehab vs. downpayment. My major problem is that my credit is terrible, but I do have a good, steady job.

Assuming that your investment is south of Marion County, there is fix and flip rehab HML that is available that doesn’t require income/asset/employment/FICO verification.

The program allows you to borrow 100% of the cost of purchase + cost of repairs + closing costs and requires you to pay the monthly payment until maturity (7 years).

The aforementioned program would allow you to rehab, rent and sell without the need to refinance using a conventional loan (an exit strategy that might prove to be a challenge given your concerns with your credit score), but depending on the median rental prospects in your area, you might find it difficult to cash flow.


Scott Miller

Hey Scott- Who are you using for these types of deals? PM OK.