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"fixer upper" loans for investment property

Are there any loan options available for properties that need renovations if it is for an investment property? I spoke with a mortgage broker who said those types of loans are only available for owner occupy sales.

I more than qualify for a regular loan and have a good sized down payment.

I currently own a home with a regular mortgage and so far the only option I've found is to take a line of credit on my current house so I can close with cash.

The only issue with that is depending on the purchase price of the house, I would need a loan after the closing for some of the repairs.
  • June 10 2010 - US
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Answers (3)

No those loans are very rare. Doesn't sound like you're in the financial position to be a ''flipper''.


  • June 10 2010
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The only option for you is through the Home Path Renovation program.  The home being purchased must be owned by Fannie Mae.

This program is for primary residences as well as investment properties.  I offer the Home Path program.  You can go tot he fannie mae website and find homes for sale in your area that are Home Path eligible.

Let me know if you have any questions.
  • June 16 2010
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How much are the renovations and how much is I have a good sized down payment.?   If you have the min. down payment for an investment property (20%) and cash left over to use for renovations, that would likely be your best option.  If not a bank or credit union may offer an option for the renovations depending on your financial strength.
  • June 16 2010
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