Rehab Loans

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Shuggins

950 Posts

Posted - 04/22/2008 : 08:28:47 AM

Can someone advise me on this scenarial?

I have a Borrower/Contractor who wants to rehab his house.

Looking for total loan amount of $300,000.

740+ fico
$45000 building costs
MN
Not sure of LTV yet.

The big concern is who can do the borrower / contractor on his primary residence.

schultz.fir

892 Posts

Posted - 04/22/2008 : 10:19:10 AM

If you find someone, let me know. I've had FOUR of these in the last three weeks!

conektions

54 Posts

Posted - 04/22/2008 : 11:04:57 AM

quote:
Originally posted by Shuggins

Can someone advise me on this scenarial?

I have a Borrower/Contractor who wants to rehab his house.

Looking for total loan amount of $300,000.

I just went to REO convention and rehab properties were a big discussion top there. I went as a real estate broker. I did meet people that can do these loans. Don't know about the details though, and it's obviously retail. But if you can't do and want to help your client you can try. Carla Sanders from Countrywide in Alaska. You can tell her you were referred by Boris at Lending Bee, Inc.
http://www.countrywidelocal.com/carlasanders

lukeallison

1392 Posts

Posted - 04/22/2008 : 12:08:33 PM

I may be able to work on this for you but I would have to submit it retail through Flagstar. I'm not sure if you would get it accepted through the wholesale side, but you are welcome to try... Let me know if I can help.

lshaull

81 Posts

Posted - 04/22/2008 : 12:28:04 PM

Am i missing ssomething Can't you do an Fha 203b an take out money to rehab?

jcanepa

800 Posts

Posted - 04/22/2008 : 12:30:35 PM

quote:
Originally posted by lukeallison

I may be able to work on this for you but I would have to submit it retail through Flagstar. I'm not sure if you would get it accepted through the wholesale side, but you are welcome to try... Let me know if I can help.

Why would they submit RETAIL TO RETAIL when Flagstar has a Wholesale side?

Shuggins

950 Posts

Posted - 04/22/2008 : 12:31:56 PM

quote:
Originally posted by jcanepa

quote:
Originally posted by lukeallison

I may be able to work on this for you but I would have to submit it retail through Flagstar. I'm not sure if you would get it accepted through the wholesale side, but you are welcome to try... Let me know if I can help.

Why would they submit RETAIL TO RETAIL when Flagstar has a Wholesale side?

Because the wholesale side may not do it??

jcanepa

800 Posts

Posted - 04/22/2008 : 12:32:53 PM

ok, good luck!

jtm7332

475 Posts

Posted - 04/22/2008 : 1:20:11 PM

Dont you mean FHA 203 (k)?