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
