Rehab Loan/767fico/169k purchase

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Theduke211

4 Posts

Posted - 05/15/2008 : 11:33:16 AM

Heres what I am looking for:

Borrower is 22. Makes about 40k a year. 767 fico. Full doc, can put down 3-5%.

Looking for a rehab loan on a property. Purchase price is 169k, townhome next to it is worth just under 400k.

He wants to get a rehab loan, but he may not live in it when it is done. We dont want to go FHA because if he sells the home in less than 12 months he wont be eligible for another FHA rehab loan.

What is available?

mganovsky

2114 Posts

Posted - 05/15/2008 : 11:35:54 AM

depending on amount of work and money youmight be better off getting a construction to perm loan. I used to do these with indy mac.

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