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Replies (7)
- Michael P. Cohen, "mskj"
- Contributions:19
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- shapiroamg
- Contributions:3058
Its an investment property so you will pay a higher rate. Buy something in the country or by the ocean and you can get a second home mortgage rate which is the same as primary properties.
The issue you may have is looking for additional funds to improve the home. Any type of rehab/construction loan probably will not be able to be had in the time frame from the auction to when you would need to close (typically 30 days).
The issue you may have is looking for additional funds to improve the home. Any type of rehab/construction loan probably will not be able to be had in the time frame from the auction to when you would need to close (typically 30 days).
- Christopher Rossmaier, "Chris Rossmaier"
- Contributions:11
You may have a hard time getting financing for a home at sheriff sale. Your financials etc. look great, however, you will need 10% down at the auction and the ballance in 30 days. If you are getting a mortgage you will also need title insurance. It will be hard to get because of the sheriff sale. There is FHA 203k financing to help you fix it up once you purchase the home. I think you best bet would be to try to purchase the home prior to the sheriff sale. A short sale may be possible.
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
What these other are not telling you and may not know, is that as a sheriffs sale it very well may be a cash only deal. The reason for this is you ar enot going to be able to gain access to the property to get an appraisal done. Without an appraisal no lender is going to finance the property. Now you may be able to get what we call "hard money". Hard Money is generally for short term 12 months or less and cost more than regular money, 4-6 pts and LTVs under 75%. I'm not a hard money lender but you can do a google search and find them. Good Luck
- MICHAEL ESPOSITO, "MIKE ESPOS JR"
- Contributions:27
Your best bet is hard money lender/ private financing these days. There are options but more then likely you will have to pay... higher rate, origination point(s). Valley Green is one company that comes to mind.
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
Christopher was correct in saying that you might need a renovation style loan, however, the FHA 203k is for owner occupants only. I do have two different Investor Renovation loans available for you and based on your qualifications you posted, you would qualify for them.
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- Matt Horwitz, "hardmoneylending"
- Contributions:2
Google Rehab Financial Group, they offer non-owner occupied rehab loans in all of Pennsylvania.
Mortgage for investment property in Philly via sheriff sale
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