are there any conventional rehab loan programs?
i've only heard of the fha 203k but i don't want to pay insurance with fha if i can help it. what program would do best with fico score of 745 and enough for 10% down? by kim_copper4799318 from Greenville, North Carolina. May 12th 2014
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
You can do conventional rehab with Fannie Mae or Freddie mac owned homes that qualify. 10% down would be fine! You can checkhttp://www.homepath.com/orhttp://www.homesteps.com/
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Certainly Kim, and with your qualifications the conventional renovation (or repair-escrow) option is a much better fit. I handle lots of these loans (203k, conventional and other renovation and repair escrow loans) and would be pleased to work with you. Because you have 10% down we can even structure the loan so there is not a monthly PMI payment. I can help: pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was the #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013
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