My wife and I are ready to get the ball rolling. We want to get pre qualified with a local lendor (san antonio, TX). We found this company excelmortgagecorp.com with local offices in our city. They offer a rehab to perm loan program that seems promising. If we are wanting to invest in wholesale, foreclosure and bank owned properties to re-sell, would this lendor be useful to us? They seem to be good with BBB.
Do they offer the types of programs you are looking for? In today’s market many brokers are starving for business and will say yes to a deal just to get you in the door. You need to ask the right questions before just signing on the dotted lines. You would hate to sign a contract, put down earnest money, and then wait three months just to hear “sorry I can’t get this done for you”. Depending on your credit score, and documentation type their are rehab lenders that will go to 80% in San Antonio.
I guess that is my question. Is rehab to perm loan right for flipping a home or is it more for someone wanting rental properties? I know I need to meet someone face to face and make an effort to begin a good relationship with a good lender. My wife and I are just starting out with good credit and full time jobs currently.