Hey all,
Anyone know of companies that loan on appraised value and not purchase price. credit score in the low 600’s no doc stated
John
Are you asking about a rehab loan that is based upon the after repaired value? If so, then yes. There are loans that will fund the purchase + fix up money.
If you have owned the property for at least 6 months and the as-is appraised value can be justified and is high enough to take cash out, you can do a traditional cash out refinance loan.
Rehab loans are hard to find for investment properties.
A Heloc will allow cashout on a new appraised value with no seasoning.
What about a new purchase? Where can I find a loan for a new purchase rehab investment? I only need to finance the purchase price as I have the ability to pay for the repairs (however, financing the purchase price plus the repairs would be a plus). The repairs are minor (paint, bugs, landscape). I contacted the only lender I could find in the area that does rehab loans but they require a general contractor to do the work. The work that needs to be done on this house is, like I mention, minor and a general contractor is not necessary.
Oh, I am in AZ.
There are several details that you left out but just so you know there are several options available for inestors who are looking to rehab.
These options are based upon the after repaired value and can fund the purchase + repairs.
You should contact a mortgage consultant to go over the details.