Best Investor Home Renovation Loan Options (203k, HomeStyle, + More)
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- Опубліковано 31 тра 2024
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Need a home renovation loan to fix up your next investment property? For most investors, financing is one of the most challenging steps when getting a rehab done, but it doesn’t have to be. With numerous different renovation loans for investors, ranging from low-interest conventional loans all the way up to high-interest, but no-income-required, hard money loans, whatever renovation project you’re doing, there’s a loan out there for you.
So today, our two on-call mortgage experts, David Greene and Christian Bachelder, are back on Mortgage Monday to walk through all your home renovation financing options, start to finish. We’ll touch on the 203k loan so many new investors use, the HomeStyle loan, using a HELOC (home equity line of credit) to finance your renovation, and even hard money loans and bridge debt. If you’re on the rehab "R" of your BRRRR, you must know ALL these options to get the deal done!
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How to Get a Renovation Loan With Less-Than-Stellar Credit:
www.biggerpockets.com/blog/re...
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FHA 203(k) Loan: How It Works and Loan Requirements:
www.biggerpockets.com/blog/fh...
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The Homestyle Renovation Mortgage: How to Use it to Fund Fixer-Upper Houses:
www.biggerpockets.com/blog/ho...
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Work with The One Brokerage:
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Christian Bachelder NMLS 1668250
One Brokerage NMLS 2142653
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00:00 Renovation Loans 101
01:49 Sponsor: REI Nation!
02:40 Home Renovation Loan Options
05:18 4 Ways to Finance Home Renovations
06:58 When to Use Which
09:38 What Are the Interest Rates?
10:36 Cons of Each Loan
12:11 Using a HELOC?
12:15 How to Qualify
14:35 Questions to Ask a Lender
I mean that introduction , satire as it may be, sounds like a pretty awesome house.
Great Info for sure, I would add that if you use the FHA 203ks, USDAs, and VA Renos they must be your Primary Residence. Fannie and Freddie, you can use with Primary, Secondary, and Investment properties. Thanks for breaking down all the options fellas.
Thank you for the info! Very useful. Could you do an episode on construction loans? Thank you!
Very useful tips. Thank you!
Awesome information.❤😊
I love all the buttload of information & knowledge I get from bigger Pockets.
Currently looking into a 203k or HomeStyle Loan. Would it be best to purchase the home first then apply for the HomeStyle or 203k loan? Thank you for everything you guys do at BP!
Very helpful! Any vidoes on how to vet the contractors befoer starting a project so that they wont run away without finishing the job?
What is the seasoning period after closing on a bridge loan, if there is one?
You had me at skate ramp on the roof
Good stuff, thank you
This is interesting 🔥🔥🔥
Who determines the ARV of the property?
the appraiser company!
Would the lender of the 203k loan offer the consultant or do you need to hire a whole different person outside the lender to help consult?
The lender hires the consultant, but you’ll pay for them.
@@cjweldy ahhh ok ok my other question if you can help cj. Would the 203k loan a form of refinancing? I’m reaching out to lenders and I may be talking to the wrong people. Should I be going to the bank directly for this type of loan, should I go to a lender or straight to fainy may?
@@erickalba2877The one loan is for purchase price and improvements. I don’t think there’s anything preventing you from using it as a to refinance and improve a property you already own.
@@erickalba2877You should be talking to brokers until you find one familiar with 203k.
Hi Brandon er. I mean David