I will find houses, fix them up, and ref out of the original loan
I want 100% of purchase price, and 100% of rehab cost (with as high of LTV as possible)
I am looking to build a relationship and use this company as my permanent funding source
I will be working in the Chicago land area (IL)
Any suggestions, references?
There are several rehab lenders for Chicago but additoinal info is needed to determine which lender to place your loan with.
Sent a pm.
Ben,
Are there any lenders still doing no seasoning refi’s with reduced docs? If so, how many will they do for one borrower?
-h
Morgan will do six loans or 2M aggregate for one buyer. They will go to 80% LTV with no seasoning.
House-
The standard conventional mortgages with Fannie Mae guidelines do not have seasoning requirements. However, most investors wont fit into these loans because ltvs, income documentation, # of properties owned, or credit. Fannie Mae cash out can be done up to about 75% for 1 units. You can have up to 10 properties total but each lender will typicall only allow you to have around 4 with them.
This is why those same lenders have AltA loans with higher ltvs and reduced doc options. A very few of these lenders have no seasoning requirements, even up to 90%. Most the time you can have about 4 with each lender. Some allow more but the ltvs are less than 90% as Chris mentioned.
Clients who are really credit challenged face being approved within the subprime market. We’ve all seen what’s happened in that sector. Previously the majority of subprime lenders had a 12 months seasoning policy. A hanful were at 6 and none were at less unless it was a no cash out refinance. I would imagine that some that were at 6 may have increased this as well.
9 points???
That is outright thievery.
LOL True, true.
I might be able to help you, sent pm. check your inbox
i think Wellsfargo has a no seasoning. I know they have a three month seasoning.
Wells fargo does rehab loans?
I’m buying property for 320k, need 30k repairs, value is 500k. Any good lenders out there in California to fund purchase and include repairs, low fees, 0 out of pocket etc…
Yes, but you’ll be limited to about 70-75% arv which may not be enough to cover the cost and payments too.
Do you know if the seller would be willing to hold a small note for a short period.
The homeowner would be willing to carry notes, but these deals I’m working on are shortsale; so it wouldnt work because there’s no equity.