Home › Forums › Closed Forums › Buying and Selling RE › Financing options to flip my own house
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CA renter.
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March 30, 2011 at 2:48 PM #18676March 30, 2011 at 3:29 PM #681879
ljinvestor
ParticipantNot as common and rate is going to be higher but you can get purchase & renovate loan. I noticed Wells Fargo offers. If rate is just ok, then you can try and refi with other lender once remodel is done.
In your example with 20% down, if your appraisal is higher than purchase price you can pull out difference right away with HELOC. Appraisal most likely won’t be much higher though.
Cash out refi can be done after 6mo but once again you would have to buy way under comps and possibly do an improvement to pull out enough to do rest of house.
Not a good idea to use CC
March 30, 2011 at 3:29 PM #681933ParticipantNot as common and rate is going to be higher but you can get purchase & renovate loan. I noticed Wells Fargo offers. If rate is just ok, then you can try and refi with other lender once remodel is done.
In your example with 20% down, if your appraisal is higher than purchase price you can pull out difference right away with HELOC. Appraisal most likely won’t be much higher though.
Cash out refi can be done after 6mo but once again you would have to buy way under comps and possibly do an improvement to pull out enough to do rest of house.
Not a good idea to use CC
March 30, 2011 at 3:29 PM #683049ParticipantNot as common and rate is going to be higher but you can get purchase & renovate loan. I noticed Wells Fargo offers. If rate is just ok, then you can try and refi with other lender once remodel is done.
In your example with 20% down, if your appraisal is higher than purchase price you can pull out difference right away with HELOC. Appraisal most likely won’t be much higher though.
Cash out refi can be done after 6mo but once again you would have to buy way under comps and possibly do an improvement to pull out enough to do rest of house.
Not a good idea to use CC
March 30, 2011 at 3:29 PM #682694ParticipantNot as common and rate is going to be higher but you can get purchase & renovate loan. I noticed Wells Fargo offers. If rate is just ok, then you can try and refi with other lender once remodel is done.
In your example with 20% down, if your appraisal is higher than purchase price you can pull out difference right away with HELOC. Appraisal most likely won’t be much higher though.
Cash out refi can be done after 6mo but once again you would have to buy way under comps and possibly do an improvement to pull out enough to do rest of house.
Not a good idea to use CC
March 30, 2011 at 3:29 PM #682555ParticipantNot as common and rate is going to be higher but you can get purchase & renovate loan. I noticed Wells Fargo offers. If rate is just ok, then you can try and refi with other lender once remodel is done.
In your example with 20% down, if your appraisal is higher than purchase price you can pull out difference right away with HELOC. Appraisal most likely won’t be much higher though.
Cash out refi can be done after 6mo but once again you would have to buy way under comps and possibly do an improvement to pull out enough to do rest of house.
Not a good idea to use CC
March 30, 2011 at 3:32 PM #682704urbanrealtor
ParticipantYeah you could probably get a loan to do that.
There is a woman with Wells who specializes in that.Conventional renovation loans have become more prevalent since the advent of distressed properties.
Also, there are the FHA 203k loans that do that but as government programs, they tend to be annoying and difficult to complete.
However, I strongly encourage you to avoid use of the word “flip”.
It has implications that can make a renovation loan non-feasible.
March 30, 2011 at 3:32 PM #683059ParticipantYeah you could probably get a loan to do that.
There is a woman with Wells who specializes in that.Conventional renovation loans have become more prevalent since the advent of distressed properties.
Also, there are the FHA 203k loans that do that but as government programs, they tend to be annoying and difficult to complete.
However, I strongly encourage you to avoid use of the word “flip”.
It has implications that can make a renovation loan non-feasible.
March 30, 2011 at 3:32 PM #682565ParticipantYeah you could probably get a loan to do that.
There is a woman with Wells who specializes in that.Conventional renovation loans have become more prevalent since the advent of distressed properties.
Also, there are the FHA 203k loans that do that but as government programs, they tend to be annoying and difficult to complete.
However, I strongly encourage you to avoid use of the word “flip”.
It has implications that can make a renovation loan non-feasible.
March 30, 2011 at 3:32 PM #681943ParticipantYeah you could probably get a loan to do that.
There is a woman with Wells who specializes in that.Conventional renovation loans have become more prevalent since the advent of distressed properties.
Also, there are the FHA 203k loans that do that but as government programs, they tend to be annoying and difficult to complete.
However, I strongly encourage you to avoid use of the word “flip”.
It has implications that can make a renovation loan non-feasible.
March 30, 2011 at 3:32 PM #681889ParticipantYeah you could probably get a loan to do that.
There is a woman with Wells who specializes in that.Conventional renovation loans have become more prevalent since the advent of distressed properties.
Also, there are the FHA 203k loans that do that but as government programs, they tend to be annoying and difficult to complete.
However, I strongly encourage you to avoid use of the word “flip”.
It has implications that can make a renovation loan non-feasible.
March 30, 2011 at 3:39 PM #682570ParticipantHere is the info for the LO that handles this in central SD.
https://www.wfhm.com/loans/barbara-rapp/index_reno.pageMarch 30, 2011 at 3:39 PM #681948ParticipantHere is the info for the LO that handles this in central SD.
https://www.wfhm.com/loans/barbara-rapp/index_reno.pageMarch 30, 2011 at 3:39 PM #682709ParticipantHere is the info for the LO that handles this in central SD.
https://www.wfhm.com/loans/barbara-rapp/index_reno.pageMarch 30, 2011 at 3:39 PM #681894ParticipantHere is the info for the LO that handles this in central SD.
https://www.wfhm.com/loans/barbara-rapp/index_reno.page -
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