I'm approved for the loan, but I may want to - Posted by Indy Steve

Posted by Scott Herbert on October 28, 2000 at 09:37:51:

Indy, yes your deal is much different than what you originally presented to your lenders. Expect to pay not only a higher rate, but a larger down payment as well.

I’m approved for the loan, but I may want to - Posted by Indy Steve

Posted by Indy Steve on October 26, 2000 at 20:13:23:

I have done some shopping for a mortgage because I intended to purchase my first home. I’ve been approved by 3 lenders, but when shopping I intended to purchase for a primary residence, not fixer upper or investment property. My question is… will the lenders change their mind when I tell them the property would be a buy-fix-sell deal as opposed to primary residence?
The reason I ask is I have considered forming a partnership with a co-worker who has quite a few inside tracks on well priced properties.
What I would like to do is to purchase a property with a standard mortgage, live where I currently do, and fix up the “new” property for resale and profit. I hesitate because I am led to believe that mortgage companies do not like this sort of arrangment and charge a much higher rate of interest.

I would appreciate all input!!

Steve