A 203k renovation loan is by far your best bet as long as the after repair appraisal value is under $417k. Just be sure the loan officer/bank is familiar with how 203k loans work. They are a bit more complex than your average loan and not many lenders currently still work with these types of loans. If you need a point of contact to assist I would be more than happy to put you in touch with a local 203k expert.
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In most cases we take your information and submit it through a computerized loan underwriting system that tells us that they will approve the loan subject to a number of conditions. Sometimes the loan is denied because of credit score or excessive debt or possibly other reasons, and sometimes the loan is
" referred " which means the underwriter has to manually underwrite the loan and make their own determination.
That is where you are at according to the mortgage banker. However, given what you have told me you may be able to resolve that issue if I know the whole situation.