Marilyn, great answers below.
Rob, the 203k does finance above the value of the home BUT the buyer needs to put 3.5% of the acquisition cost+ rehab work. If those figures equal over 100%, FHA allows it up to 110% or 35k in rehab, whichever is less. However, the buyer should still be expecting to bring money down UNLESS it's for a HUD home in which you can do a $100 down HUD 203k.
Yes, 100% loans are still available and in some instances a 203k loan is available where more than a 100% loan can be granted.
You should contact your Realtor to discuss what is available to you.
Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob Lang, CRS, ABR, ePro, GRI, CFPS RealtorÂ®
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