There is a townhome which I am interested in purchasing. I used to have equity in my current home, but due to refinancing,the declining market and selling fees I’m going to come out bone dry, maybe even short.
However I do know of a REO that is on the verge of hitting the market and I really want to get it. My idea was to get whatever loan I could to buy it, fix it up, and refinance it with the new value, but now I’m hearing HML are expensive and the criteria can be difficult. Any ideas?
Depending on credit, income, assets, etc… you may qualify for a conventional rehab loan. They can take a bit longer to close due to all the documentation.