Help me with 203K loans. Say I buy a house for $100,000 and it needs repairs of $35,000. Do I need to get a loan for $135,000 or $100,000?

Asked by Todd Zietlow, Saint Louis, MO Fri Feb 15, 2013

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Andrew Tisellano’s answer
Andrew Tisel…, Agent, clifton, NJ
Sat Feb 16, 2013
The house would need to appraise for 121,500 to get this loan.

Any mortgage rep that has experience with this type of loan can help you.

Contact Steven Goldberg at prospect mortgage if you really need a 203k loan.

do not just use any mortgage rep or it will take along time and maybe never happen.

Steven can get it done in 45 days.

contact me if you need more info.
0 votes
S, , New Jersey
Fri Feb 15, 2013
You would get a max loan of $130,275. After putting down a minimum of 3.5%. Make sense? Call me if you need me at any time! Good luck.
Web Reference:  http://www.203kNow.com
1 vote
Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Thu Feb 21, 2013
203(k) loans, both the full and streamlined versions, are great products. An appraisal will be needed in order to determine the value after repairs. I would recommend purchasing the home with a 203(k) so you can finance the repairs into 1 loan; all you would need is 3.5% down. Give me a call or send me an email so we can go over the exact specifications and additional options.


Kindest regards,


Paul Marzolla
Loan Officer
(201) 957-6768
(201) 203-2266
pmarzolla@unvmortgage.com
NMLS#922891
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