In Need Of Creative Advice....
Has anyone ever obtained a home thru owner financing and then used a VA Loan to fund the improvements?? I have really gotten to the point where I am DONE w/ thinking about taking the first step and wondering what lies ahead for me in this real estate business. I am ready to do whatever I have to in order to get started and experience my first success.Due to the fact that my credit has hindered me from my original plan of action which was to obtain a loan thru a HML, I have no choice but to seek alternate routes of making this thing come together. And procrastination due to credit is NOT an option.
Does anyone have any suggestions?? :-(
I have not done anything VA (I am not a vet) you can try FHA grants and FHA improvement loans...
That takes a while though to get funding...I would just get the 65-70 percent ARV hard money...do the repair you need and get rid of it or refi with conventional means.
You can also seller finance get 6k down and sell the note for 95%.
Do a lease option.
Just some ideas. I hope I answered your question or if I did not I apologize.
There is a company that is great with credit repair and does not charge an arm and a leg....write me if interested with that...it worked for me.
Just some ideas.
VA tends to be anti fixer uppers, if using them to purchase a fixerupper they will likely require funds for repairs be held by them until they inspect and find the repairs satisfactory. Yeah, I know, makes no sense, they take the money for repairs leaving you without funds to make the repairs, if you had cash you wouldn't be using a VA loan to start with.
They don't fund investment properties, unless you back door it with a duplex you are living in one half of. I don't believe they give unsecured loans at all.