Posted by Jim Upchuch on March 14, 2001 at 11:12:49:
Correction - the max LTV for investor property is now 70%
Financing a Fannie May - Posted by Brice
Posted by Brice on March 14, 2001 at 03:52:55:
I recently made an offer on a Fannie May Repo. The house needs a little bit of work. But was a good deal. I was not going to live in the house just fix it up for an investment.
My offer was 50% below it’s assesed value. My mortgage broker said I could get a loan to cover all expenses and some money to fix it up. Fannie May has asked for a pre-qualification letter and my Mortgage Broker says we can only get a conventional loan and no money to make repairs.
I just don’t have the capital to make that happen and Fannie May won’t consider the offer without a letter. Is there any other way to make this happen.
Re: Financing a Fannie May - Posted by Brice
Posted by Brice on March 14, 2001 at 12:22:31:
I live in Alaska
Re: Financing a Fannie May - Posted by Terry(IN)
Posted by Terry(IN) on March 14, 2001 at 12:03:18:
Brice,
Tell us where you live.
Terry(IN)
Re: Financing a Fannie May - Posted by Jim Upchurch
Posted by Jim Upchurch on March 14, 2001 at 07:56:05:
FNMA offers a “Homestyle” loan program. This is a conventional renovation mortgage product for purchase or refinance.
The loan amount is based on the “subject to” value rathar than the “as is” value.
Total rehab costs can represent 50% of the “subject to” value.
Max LTV for owner occupied is 95%, max for inventor property is 80%.
I only lend in NC. If you are not in NC - ask your broker abount this program.
Good luck…