Traditional loans do not KNOWINGLY allow you to buy and flip. Those are specialty loans. Search the internet for fix and flip lenders. I lend in MN WI IA ND SD. Find me at JoeMetzler.com - NMLS274132
We have access to lenders that specialize in Fix & Flip lending. Traditional loans are not to be used for this purpose. Keep in mind that this is an investment property, so any lender is going to be looking at a minimum investment of 20% of the Purchase price as a down payment. This would mean that you would need $40,000 plus closing costs for the purchase of a $200,000 property. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.
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