Hi,
Can anyone tell me if it is possible to get a loan for 80% of the value of a house?
If so, please steer me int the right direction. I figured I would buy single famlies that were in foreclosures and need minimum work. If I buy under the market value and get an 80% loan on the value it would be very little out of my pocket. I would also present the offer with the closing cost rolled into the amount offered. Can this be done?- ???
Thank you !!!
Howdy Mejo:
You can borrow even more than 80% with great credit, if you plan to live it the property especially. There are even 100% non loans out there too.
LOL
Investor loans in excess of 80% are not hard to find at all. Any good mortgage broker should be able to point you in the direction of lenders that can do 100% non ownwer occupied loans assuming you have a credit credit score over 700. If not, there are some hard money lenders that will give up to 70% LTV on the after repair value of the property. Hope that helped.
Keep in mind if the property is below market value because of repairs needed, conventional products won’t work because your appraisal will be less than satisfactory you will need a rehab loan then and you can go as high as 90% of the after repaired value. If the properties truly only need cosmetic work then you can get 100% of the value or purchase price whichever is less. As for seller concessions (to help pay for closing)6 % for owner occ 2% for non. Creatively you can get more.