The answer is 3.5% but the real question is what lender can/will do that amount. I have 5 preferred lenders I work with from big box to home grown. Call me with your email address and I'll send my list over. 404.457.0869... more
This is an old question, but still very relevant to today - if not more so.
Closing is 45-60 days minimum. So keep your eye on any extensions/deadlines and make sure the realtor is as well. Otherwise you will be on the court house steps looking to buy it out of a complete circus. The Full K and Streamline K are only different in a couple ways - one allows load bearing work and anything that can be dreamed up (Full K) and requires the HUD Consultant, the other (Streamline) is generally for basic repairs/upgrades under $35k... but certain levels of copper theft and unique damage may flip it in to a Full K at U/W review. Your process? Qualification docs are basically the same... except on a Full K the Consultant builds the Work Write Up and HUD package (scope for the U/W & Appraiser to consider), and assists with bid. Honestly, this loan is saving the country one house at a time - so go forth and renovate.... more
As you can see the answer is pretty unanamious. While I am an agent with Keller Williams I have 20 years banking experience and I would not advise my client to do a 203K without the support of an agent and a loan officer who specializes in this type of transaction. I met with representatives of HUD, Fannie Mae and the homebuilding industry just yesterday
. Did you know that in Georgia there is almost $59,000/person available to repair and purchase homes?
By trying to do this on your own you will never know if you qualify for any of this money and not need a 203K loan.... more