Posted on: 09th Dec, 2009 09:07 pm
Does any one do 203k loans any more? someone please help. i'm trying to purchase my 1st home. i have decent credit, over 620. good time on the job and a small savings. i have located a home but it needs alitte work that may take 45 days according to the contractor. can someone please give info pertaining to the 203k loan thank you
Hi truapostolic,
A 203k mortgage is a good option for those who want to purchase a home that requires rehabilitation. You do not have to get a short term loan to complete the rehabilitation work and then get a long term mortgage to pay it off. With a single 203k loan, you can make the purchase and at the same time do the rehabilitation. You need to contact local HUD approved lenders in order to get a 203k loan. You can also go for a no-obligation free mortgage consultation with the lenders in this community and see if they can help you with the loan.
A 203k mortgage is a good option for those who want to purchase a home that requires rehabilitation. You do not have to get a short term loan to complete the rehabilitation work and then get a long term mortgage to pay it off. With a single 203k loan, you can make the purchase and at the same time do the rehabilitation. You need to contact local HUD approved lenders in order to get a 203k loan. You can also go for a no-obligation free mortgage consultation with the lenders in this community and see if they can help you with the loan.
there are plentiful 203K lenders out here. where is the property?
The property is located in Chicago.
check on the fha website (fha.gov) and you'll note that there are, undoubtedly, plentiful numbers of lenders in the chicago area who would be willing to assist you.