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sd2734
Joined: 12 Dec 2006
Posts: 8
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| Posted: Fri May 02, 2008 11:49 pm Post subject: Rehab loan for a 2 Unit |
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I am considering purchasing a 2 Unit property in rough shape and before I go ahead with an offer would like to find out about potential financing. I think the condition of the property will mandate that it has to be a Rehab loan.
The property will approx sell for about $115K and needs about $40K in repairs. I might move in there once it is fixed or just keep it as an investment. Also, I can make a downpayment of 20% or more and prefer a Stated Income loan.
Any suggestions, which lenders might do such a loan in PA and any advise on what program should I be looking for? Will this qualify for an FHA program?
Thanks,
Simon |
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Jason Hall
Joined: 07 May 2008
Posts: 10
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| Posted: Thu May 08, 2008 2:55 pm Post subject: |
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Hello Simon,
There are a few different directions that you could take, in regards to obtaining a loan for this property. |
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sd2734
Joined: 12 Dec 2006
Posts: 8
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| Posted: Fri May 09, 2008 4:50 pm Post subject: |
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Thanks,
What might some of them be? Any particular lenders in mind?
Thanks,
Simon |
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Jason Hall
Joined: 07 May 2008
Posts: 10
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| Posted: Fri May 09, 2008 7:33 pm Post subject: |
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| Simon in order to qualify for FHA you would defintely need to live in the property. For a rehab under FHA, that would be a 203k. Why would you go stated as opposed to full doc? |
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