2006-12-01 04:38:29 · 3 answers · asked by raz 1 in Business & Finance ➔ Renting & Real Estate
You'll need to shop for a loan officer who actually knows how to do rehab loans.
It's a totally different ballgame from what 99% of loan officers know how to do.
So ask some realtors who specialize in these types of properties for some good loan officer referrals.
You don't want to get stuck being the guinea pig on a deal like this, being the first time your LO tries to put one together.
2006-12-01 05:17:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are loans that will take an appraised value based on completion of an upgrade. The key is there must be an appraisal to indicate so.
Here is some additional info. Hope this helps.
2006-12-01 04:48:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A conventional mortgage lender will lend the money, if you have good credit and down payment!
Many flippers have gone bankrupt recently because of a downward spiral in the housing market!
2006-12-01 04:42:25 · answer #3 · answered by Anarchy99 7 · 0⤊ 0⤋