Re: FHA Investor Loans??? - Posted by Jimbob
Posted by Jimbob on November 12, 1998 at 14:39:20:
The loan you may be referring to is the FHA 203K loan. It is no longer available to investors, only to owner occupants. There are other loans like the 203B but are also owner occupied.
One area you might check into the the “FHA Title One” loans, they are for both investors and owner occupants. The interest rates I understand are around 10-12% for the title ones, but require minimal if any equity, and if you own multi units you can get up to $60,000 for rehab.
The investor loan you mentioned, FHA 95% @ 8% interest is a very good rate for investors, you won’t do much better than that no matter where you look. If you plan to fix up the property and sell it, that’s very cheap money when you consider the cost of bringing in a partner or hard money lender.
If you’re looking to assume a low interest rate loan, you have to find the property with the right loan, then assume it, takes patience and digging.