Newbie needs finacing


I found a 3 bedroom 2 story brick house in my home town. House needs a few new windows, and 2 of the bedrooms needs finished. They were gutted for new drywall and never finished.

My Aunt was the previous owner, and i have seen how beautiful this house can be. She let it go when she moved south and now i guess the bank is selling it,

Asking Price is 20k. ARV is an easy 50k, with 10k in rehab

What i would like to do is get some hard money 30-35k, buy, rehab, and the refinace and keep as a personal property for my family.

My credit is shot, but my wife had a 706 mid last time we checked.

What are my options?

“If personal property for your family” is to mean your new primary residence, then I suggest you consider something other then hard money.

Investigate a FHA 203k rehab loan—FHA isn’t concerned with your credit score, you can finance up to 97.75% on a ARV basis, DTI requirements more liberal then conventional loans and rates that are currently in the high 6s/low 7s presently.


Scott Miller

Thanx 4 the info. Will look into it.