I need 110% loan to purchase a hurricane damaged home

I have an opportunity to purchase a hurricane damaged home in Fort Pierce, FL The home would appraise between $175,000 and $210,000 (in good condition) but I can’t find financing to pay the seller $130,000 unless the repairs are made beforehand. The repairs needed are a roof (at $7500) and some drywall at $2400) Does anyone have a suggestion where I can go to get a %110 loan for a home in this situation.


What are your plans for this home; is it one that you intend to keep for yourself, or do you plan to sell it after repairs? If you only intend to finance it for a short period of time, you should consider a hard-money lender. Though the ARV ratio (loan amount divided by the After Repair Value) is borderline/higher than most HMLs like to go, there are lenders that will do it. Most conventional lenders will only allow around 6% for repairs, so a HML is probably going to be your best bet. Feel free to contact me if you’d like assistance finding one.

take care & God bless,

I plan on keeping the home. It is a 5 bedroom, 5 bath, which includes two efficiencies. Makes it perfect place for some passive income to help with the mortgage. Can I get the loan quick, the seller is very impatient?

Well, with the interest rates on HMLs, it’s not a good long-term financing option though. However, you may consider using a HML to fund the rehab work, and then refinance after completion to pay off that HML. You will want good credit (etc…) if doing this though, as you will need to pick up a new loan which requires little to no title seasoning.

Yes, you can obtain HMLs fairly quick; they will usually process quicker than conventional loans, as they often require a great deal less to qualify.

There is a Vero bank (name unrecalled) advertising
hurricane rehab loans. Also, All American Mortgage
in Vero may be able to help.
You did not ask, but I’ll volunteer: 130k is high for a
170k house with water damage. After you pull out the
bad drywall and find mold, you will have a much bigger problem to fix. If the drywall is already out & you just need to replace it, that’s ok. How many sq ft is this 5/5 house? 7500 may be a bit low for a good reroof.
I paid 6700 to reroof a 2/1 crackerbox in Ft P.
Good luck, ray