A fix and flip loan can offer investors the flexibilty of using our short term funds rather than their own cash. What we will offer is a line of credit that you can borrow against. You will only need to qualify once a year. From there, we will only need to document the sales contract, scope of work to be done, and as completed appraisal.
Conventional financing appeals to a wide demographic, although it is best suited for those with a good credit score. While you can still qualify with a lower score, there may be higher costs associated with your mortgage.
If you have good credit and money for a down payment, you can take advantage of some great options with a Conventional loan. Be sure to check with your Loan Officer about your specific situation.
A Conventional loan can require as little as 3% down, making it a great option for those who do not want an FHA loan. While Conventional loans do require mortgage insurance if you are putting less than 20% down, you can cancel the mortgage insurance after your home equity reaches 20%. Even better, Conventional financing does not require Upfront mortgage insurance like an FHA.
If you're ready to start your home buying journey, speaking to a loan officer is a great place to start.
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