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Question about loans for a non move-in ready home
Posted on 3/16/15 at 2:26 pm
Posted on 3/16/15 at 2:26 pm
What are my options as far as loans go on a home that has been gutted that I'd be paying to have the sheetrock/floors installed as well as doing some of the stuff myself?
1
Posted on 3/16/15 at 2:41 pm to Sofa King Crimson
How much work is needed? An FHA 203K loan is a possibility.
Posted on 3/16/15 at 2:43 pm to VABuckeye
I've been reading about those and it appears that may be the way to go. The house was gutted after Katrina, then raised and has been sitting since, so it needs quite a bit but it's less than 2000s/f. I dunno, 20K or so?
This post was edited on 3/16/15 at 2:48 pm
Posted on 3/16/15 at 2:53 pm to Sofa King Crimson
I think the limit on 203k is $35000k of work? Could be a perfect fit for you.
Posted on 3/16/15 at 7:47 pm to VABuckeye
FHA203K is an option or a conventional construction loan to partner with the purchase of the property.
The 203k is not limited to $35,000. A 203k(s) or streamline is a component program limited to $35000. You are able to do a 203k in excess of $35,000 which is a standard or full 203k.
The 203k is not limited to $35,000. A 203k(s) or streamline is a component program limited to $35000. You are able to do a 203k in excess of $35,000 which is a standard or full 203k.
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