Whatcom Home Stats: May 2010

Bellingham Bank Owned - Financing Options

Bellingham Bank Owned

 Can you finance a Bank Owned Home that needs work?

Have you been searching for a home that needs a bit of sweat equity (Bank Owned/Short Sale Fixer), only to be told that it can't be financed?  Many buyers think that a home that needs work is impossible to finance.  This can be true depending on how much work the home needs & the issues at hand, however, most often it's quite the opposite.  There are many financing programs being offered that allow you to finance the home & the repair cost needed to make the home livable and/or up to your expectations.  So whether you're looking to buy the bank owned home to live in, fix & flip, or turn into a rental, you have the option of financing it to meet your needs.  

Bellingham Bank Owned/Fixer/Short Sale Fixer Financing Options

1.  FHA 203k streamline rehab loan

  • Under $35k in Repairs
  • Can be closed w/in 30 days depending on lender
  • Must be owner occupied for 1 year
  • 90 days seasoning for fixers
  • Can be a purchase or a refinance
  • 15-30 fixed & 1 year ARM
  • Eligible for Single family homes, condo's, townhouse, or multi units (4 units or less)
  • 3.5% Down


2.   FHA 203k rehab loan

  • More than $35k in repairs
  • Can be closed within 45 days depending on lender
  • Must be Owner Occupied for at least a year
  • 90 days seasoning for fixers
  • 15-30 fixed rate or 1 year ARM
  • Eligible for Single family homes, condo's, townhouse, or multi units (4 units or less)

3.  Hybrid construction loan

  • No limit (Guidelines are set according to LTV ratio's)
  • Can be closed in 2 weeks depending on lender
  • Interest Only for a year & then rolled into a fixed rate 15-30 year mortgage
  • Eligible for Single family homes, condo's, townhouse, or multi units (4 units or less)
  • No seasoning for flips
  • As little as 5%+ down

 

 

As a Bellingham Realtor specializing in Bellingham Bank owned properties and Short Sales, Tara is familiar with 
the nuances of these transactions.   By buying right in this market, buyers can gain a better return on their money.
Tara can help you analyze properties based on your goals and exit strategy. As a marketing specialist she helps 
clients sell quicker with strategic pricing and aggressive marketing.  Whatever you need/goals in today's market, 
find a good agent to help, educate, & empower you.

 

 

Comment balloon 0 commentsTara Camp • May 04 2010 01:08PM
Bellingham Bank Owned - Financing Options
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