The reason the bank is probably requiring the 203(k) loan is because they are aware that there are repairs needed to the property to make the home insurable under the FHA program with HUD.
As Dan Moyle stated below, AmeriFirst specializes in 203(k) lending and would be happy to help.
Please contact me at firstname.lastname@example.org and I will put you in touch with a licensed loan originator that can help you out.
AmeriFirst Home Mortgage
We're a Michigan Mortgage Banker with several experts in the FHA 203k program. Our team is knowledgeable and quick. Check out the blog for great info: http://blog.amerifirst.com/amerifirst-blog
If you find what you're looking for, let us know. http://blog.amerifirst.com/from-repairs-to-rahab-a-203k-loan
Or email email@example.com to get in touch with one of our 203k Specialists.
very best regards
Here you will find lenders local to you that will help with your home financing.
When a homebuyer wants to purchase a house in need of repair. The FHA 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
For further information and real estate questions, contact
Chip Andis ~ Buyerâ€™s Agent
Cell (248) 931-0084
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
I have a great contact from a regional bank for FHA 203k loans. Email me at Derek@DoorToDreams.com and I'll get you that info.