I think you’re refering to having a payoff on the HUD Settlement statement at closing… and yes, this can be done, if it’s done the right way.
Property is not a HUD, Also I had a lender qualify me for a stated loan witch would be 100% 80/20 (of the selling price)with me getting 1300 back at closing. GOOD FOR ME now i just need to find a lender to refinance it for the appraised value so I have the money for repairs.
I cought your other post for additional advice. My recommendation would to have tried the conventional rehab loan. Up to 80% arv. No money down. Can do stated if there is at least $50K in equity. Unlike HML, they will allow funds up front for draw. It seems this may be alot easier and cheaper than doing 2 loans.
Do you know of any lenders that can put a loan like this together?
Can I use this kind of loan with IO payments if so what kind of rates would I be looking at?
Interest only should be available on those loans.
You’d be better having a consultation with a broker first before being quoted rates. Specially on rehab loans.
Thanks for all your help
I just found a multi unit property that seems like a worthwhile investment. Asking price is 99,900 and it has six units. Average rent in the area is about 350-400 per month. The problem is that I can’t get approved for a loan. I don’t really want to go through a hard money lender if I can help it. I have a credit score of about 650 and maybe 5000 or so for down payment. Any ideas???