[suga5]

Hello Everyone,

I like to start out by thanking everyone that help me on my road to success, I pulled my credit report on 1/2008 at myfico.com and my scores was a 580 at transunion and a 584 at equifax and a 599 at experian. today when i pulled my report i was amazed that my scores had improved so much in so little time. My transunion score is a 672 and my equifax is 711 and my experian is the lowest its a 627. I have been working hard with your help to dispute the cra and dv the collectors. persistence paid off. now my question is were can i go to get a "REHAB LOAN" i am looking to buy and fixup old holmes,i need financing.

PS. my fako scores at truecredit.com was so far fetch from these scores.

[Loan Doctor]

now my question is were can i go to get a "REHAB LOAN" i am looking to buy and fixup old holmes,i need financing.

There are several avenues you can go to get financing. I will cover the basics and then ask you some questions.

First of all, and the most common solution for what I think your problem is, is called Hard Money Loans. This is a loan that is based on the equity in the house. These are short term loans, up to 6 months-expensive in that the lender will charge 3-6 % upfront-the interest rate will be in the 18-24% range. But there probably will not be any payments until the loan is paid off. If you go this route, on your first loan I would suggest that if you think it will take you 3 months to finish the project-get a 6 month loan. Extensions are expensive and Hard Money Lenders don't like to give extensions.

Secondly, you may be wanting to buy a house and live in it while you are fixing it up, then sell it. These are not meant to be investor loans, but I have known people that buy a home every year. They end up living for free and have a nice profit.
If that is the case there is an FHA loan program called a 203(K). There are two versions of this loan, one if the amount of the rehab is <35K and another for more than that. FNMA (FannieMae) has recently come out with a similar loan program called HomeStyle. Until yesterday it was a great program because FHA loan limits were not high enough for a lot of projects.

If you will post what city you live in, and want a Hard Money Lender, I will see what names I can come up with for you.

Charles

[suga5]

Originally Posted by Loan Doctor

now my question is were can i go to get a "REHAB LOAN" i am looking to buy and fixup old holmes,i need financing.

There are several avenues you can go to get financing. I will cover the basics and then ask you some questions.

First of all, and the most common solution for what I think your problem is, is called Hard Money Loans. This is a loan that is based on the equity in the house. These are short term loans, up to 6 months-expensive in that the lender will charge 3-6 % upfront-the interest rate will be in the 18-24% range. But there probably will not be any payments until the loan is paid off. If you go this route, on your first loan I would suggest that if you think it will take you 3 months to finish the project-get a 6 month loan. Extensions are expensive and Hard Money Lenders don't like to give extensions.

Secondly, you may be wanting to buy a house and live in it while you are fixing it up, then sell it. These are not meant to be investor loans, but I have known people that buy a home every year. They end up living for free and have a nice profit.
If that is the case there is an FHA loan program called a 203(K). There are two versions of this loan, one if the amount of the rehab is <35K and another for more than that. FNMA (FannieMae) has recently come out with a similar loan program called HomeStyle. Until yesterday it was a great program because FHA loan limits were not high enough for a lot of projects.

If you will post what city you live in, and want a Hard Money Lender, I will see what names I can come up with for you.

Charles

thanks, Yes i live in arkansas, i have a question you mention something about FHA loans will they loan me money to buy a property then make me another loan to fix it up? i really dont want a short term loan but i may have to get one from the hml, my backup plan is if i dont sell in the 6 month period i will refinance it and rent it out.

[Loan Doctor]

The two rehab loans mentioned, FHA and HomeStyle, are not structured for investments, but for a home that you will live in.

Both of them are similar in that the loan is for the purchase of the home and to fix it up. Let's say that you purchase a home for 60K and if fixed up it will be worth 90K. Your cost to do the rehab work would be 15K. You would get a loan for 75K, which would pay the owner of the property and reemburse you for the work done.

Charles

[apexcrsrvc]

Loan Dr . . . can you pm your info? You seem pretty reputable and may have some resources that some of my clients could use.

I don't assess referral fees if you think I'm fishing. I'm just looking for someone that has some additional resources outside of my current network. Also, I don't care if you send anyone my way. Again, I'm just researching some additional outlets for my base and you seem on the up and up.

[Loan Doctor]

Thanks for the complement. I do loans throughout the country and am pretty loyal, so If I work with a Realtor or Ins Agent etc in a city and we get along, then the next time I have someone that is not "hooked up" it is in my best interest to send them on to someone that I know.

As far ask knowledgable, it is due to the people that I work with. They ask questions and need things that are out of the ordinary, so I find out and then "become knowledgable". That is why I like coming to this site, I am sure that someone will ask something that I don't know the answer to.

Lastly, a secret about me. I did something that messed up my credit and financial life in 2001. (Would I do it over again, yes-I went from traveling over 200 nights a year making an excessive amount of money to being home and being an influence to my son who was 13 at the time. I just wish that I knew during the hard times that it would all work out). So, you will never hear me be judgmental. I had a time where I was afraid to not only answer the phone but to go to the door.

I will send you a PM shortly.

Best Regards,
Charles

[Hedwig]

Wow, I hope that with the help of sites like this, you got your credit repaired and are OK again.

But you're right--being home with your son was more important than the money. There are some things that money just can't buy.