Ok, so if the house you have in mind needs extensive repairs (new roof, new boiler, new drywall, kitchen or bathroom etc.) then yes you'll need a 203(k) or you'll have to purchase cash. But if the house has a few tiles missing, maybe it needs a light fixture or something minimum, we're able to do a conventional loan and hold money on escrow for the repairs so that you avoid the costly 203(k) loan. It all depends on the condition of the property and what you're looking to get done as far as repairs and/or upgrades. Go over this with the Loan Officer you're working with and see what your options are.
If you need a Loan Officer, in always available. Good luck!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797