beccamarten, Home Buyer in Milwaukee, WI

What is the best mortgage product for my situation?

Asked by beccamarten, Milwaukee, WI Tue Jan 15, 2013

I am looking to purchase a foreclosed property that is in need of work- it is structurally fine, roof is new, however the inside needs considerable updating. We've already gotten bids to update plumbing/electric, move some (non- weight bearing) walls to expand/change some rooms. What are the advantages/disadvantages of the 203K loan vs. the Fannie Mae Homstyle loan vs. buying the property outright and getting a construction loan OR a renovation loan AFTER we own the property?

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Matthew Heitmann’s answer
Hi Becca,

Great question! Below is an article that I wrote some time ago. The best person to ask is a mortgage professional of course.

Best of Luck!
Michael Collins- SFR, BPOR
Broker - Rock Realty
Ask me about our Home Buyer Discounts!

My Trulia Blog:
0 votes Thank Flag Link Tue Jan 15, 2013
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