What type of loan should I get?
I live in Knoxville, TN and I’ve come across a triplex deal that’s hard to resist. The property needs at least a $50k rehab and I’m ok with taking it down and managing it. I have $40k in the bank thinking that I can get a deal with no money down. What type of loan should I get? by berriesanddreams698 from Knoxville, Tennessee. Sep 30th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
if you plan to live in one of the units - you can use a FHA loan and put as little as 3.5% of the price down ....if possible - try to finance the rehab out of pocket .. if you are not planning to live in one of the units - you will need to use a convertional loan with a min down payment of 15% of the purcase price
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