Help in Kansas

Hi everyone …Can anyone here do a refi on a house thats about 75% complete ? This is not an investment property, it’s my personal residence . I bought the house for 200,000 and have put roughly 60,000 of my own money into it . The lease is up on the house that I was renting , so Im looking for a loan or refi so that I can expedite the rehab and get moved in . My Fico is around 635 but I made 125,000 last yr and I will make 150,000 this yr < W-2 Verfied > . It has already appraised at 345,000 and I plan on living here a couple yrs to ride the appreciation . Im in Leawood KS , a suburb of Kansas City.

There are rehab refi programs based on the completed value. But when did you purchase this property, have you owned for a year?

This should be doable as a rehab/ construction loan. How was the construction financed up to this point?

The construction was financed with my own personal cash . I thought it was a great way to save up money , thinking i could refi and pull out all my cash in one lump some . I closed on the house April 1 , so Ive only owned it 6 months . I also wanted to mention that my debt to income ratio is great .

First Horizon and National City both have great programs that will allow you to finish this house. The only stipulation is you will have to use a contractor. They won’t allow you to be your own contractor unless you make 75% of your annual income as a contractor.

First Horizon and Nationaly city require 12months seasoning to refi…

Just a suggestion. If lease is up.Move into the 75% house. As long as you have water, roof over head and a couch to sleep and bathroom… rough it up for a while. Some people are homeless. Should have done a rehab loan on it, as non owner occupied. Refinance the rehab loan thru conventional banks and move into your house. Of course the numbers in rehab has to work. Thinking out side the box. As far as your first question …yes…

Really?! People are homeless? Move in and rough it. Great suggestion. Wish I would have thought of that on my own and didn’t need someone like you on this forum to tell me to do that. Oh wait. We did think of that on our own and have already moved in. How about giving advice that is useful and not condescending to make yourself look good. We’re already feeling beat up enough as it is on the “should of, could of, would of” out there.

Had I to do it over, I would have kept my $60,000 and used a constuction loan. I’d have the house finished now and $60,000 still in the bank. But I didn’t and now we’re in between the cracks working through our options. Hence the question … and the need for quality responses.

Didn’t I send you a pm telling you I can help you on this deal. I got no response.

My reply was a suggestion, sorry if you felt that way. My post was not to offend or make my self look good. I thought the issue was that your lease was up. Moving in would relieve the pressure. As far as your situation, hard money lender might do the loan and then you can refi the the loan under better terms, with a conventional lender, once you house is complete. Again sorry, that you felt that way and I wish you the best of luck.

Thanks for the follow up. I believe you’re right on the finance. I think that’s the direction we have to head in to get us through to the end. Boy has this been a learning experience.