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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 24, 2005 3:49 pm Post subject: help I need a lender...mixed use properties in pa |
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| mixed use properties in pa...any ideas folks..none of our current lenders do this |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 24, 2005 3:49 pm Post subject: |
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| hence the reason i should look up before i hit the enter button...sorry about the typo |
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WilliamTygart
Joined: 21 Jan 2005
Posts: 33
Location: Pacific NW
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| Posted: Mon Jan 24, 2005 5:29 pm Post subject: |
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| Aurora Loan Services? |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 24, 2005 5:45 pm Post subject: |
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| great thanks i will try them and let ya know how it pans out so well all be informed...nice to see you made it to our side of the fence william. |
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WilliamTygart
Joined: 21 Jan 2005
Posts: 33
Location: Pacific NW
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| Posted: Mon Jan 24, 2005 5:50 pm Post subject: |
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| Thanks, if that doesnt work out let me know, I have a few other ideas, but I am almost certain I have seen mixed use on their U/W manual. |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Mon Jan 24, 2005 5:57 pm Post subject: REHAB Loan |
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Hey Will,
You had mentioned an FHA Rehab loan for that deal that I asked about a few days ago. Who does these types of loans? Keep in mind that I am still a bit green in our business... I have done nothing involving FHA. |
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WilliamTygart
Joined: 21 Jan 2005
Posts: 33
Location: Pacific NW
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| Posted: Mon Jan 24, 2005 6:04 pm Post subject: |
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| Find out from your company lender list who is an FHA lender with you guys. Once that is narrowed down you can then call them and find out. Accubanc is one of the better FHA Rehab lenders but to be honest it is up to your particular broker and who their are signed up for FHA. DON'T stop at the first "yes, we do rehab 203k loans", make sure that it sounds like the lender (or particular branch) knows what they are doing and can guide you through the process. |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Mon Jan 24, 2005 6:07 pm Post subject: ? |
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| Does it have to be FHA to do rehab? Also, is it unusual to do a 100% purchase rehab loan? Thanks again Will! |
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WilliamTygart
Joined: 21 Jan 2005
Posts: 33
Location: Pacific NW
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| Posted: Mon Jan 24, 2005 6:10 pm Post subject: |
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| Doesn't have to be an FHA to be a rehab, but unless you go off of appraised value on a construction loan I am not sure how else you would structure the loan at that high of an ltv. |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 24, 2005 6:27 pm Post subject: |
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| M&T has a awsome rehab loan...its called a 203k....check it out..it goes off of appraised value upon completion |
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WilliamTygart
Joined: 21 Jan 2005
Posts: 33
Location: Pacific NW
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| Posted: Mon Jan 24, 2005 6:32 pm Post subject: |
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| 203k = FHA203k :lol: |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Mon Jan 24, 2005 6:38 pm Post subject: |
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| no spell checker..isnt it great...so william how do you like the site so far?? |
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WilliamTygart
Joined: 21 Jan 2005
Posts: 33
Location: Pacific NW
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| Posted: Mon Jan 24, 2005 6:40 pm Post subject: |
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| it's ok, I am going to put a tin of stuf in the learnign center on FHA, VA, USDA, Construction, as well as grant programs, all kinds of stuf for the consumer as well as the LO to learn. |
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WilliamTygart
Joined: 21 Jan 2005
Posts: 33
Location: Pacific NW
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| Posted: Mon Jan 24, 2005 6:41 pm Post subject: |
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| I DID hope some of you would have pics on here to put a name to the face but apparently I am the only one? |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Mon Jan 24, 2005 6:44 pm Post subject: |
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Nat City and M&T both do conventional rehab loans too. There is a conventional rehab program that works much like the 203K.
The 203K will allow you to go 110% over final appraised value for loan amount. M&T has a training class. Online, with phone in lessons.
www.constructionbroker.com |
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