203 loan info needed - Posted by Ed D - NH

Posted by Michael Grohowski on March 05, 2002 at 12:22:40:

Here is a link for the 203 Rehab Program 203(k).

We do HUD (VA/FHA) loans.
As well as conventional and sub prime.
If what you read on the above link works for you then email me at mwg@mwgcapital.com

203 loan info needed - Posted by Ed D - NH

Posted by Ed D - NH on March 04, 2002 at 19:07:46:

I am buying a duplex but it needs some upgrades (electric to gas heat,windows, roof, no paved driveway etc.)

I was told I could get a 10% down 203 b or k loan to cover the fixup.

This would be non owner-occupied 2 family. I was looking for more info on this. I would like a 5-10% down 7.00 no points loan.

price to owner = $145k
current value = approx $159k
after fixup value = approx $169-174K
need $15-20k to fix up

rents would be 850-900 ea. after

Re: 203 loan info needed - Posted by Jose

Posted by Jose on March 05, 2002 at 19:56:45:

Ed D;

Try Wells Fargo Home Mortgage, they have non owner
occupied loans for investors.

Also, the 203(k) Loan is for owner occupied only. Be
careful if a lender tells you, you can do a 203(k)
as a non owner occupied, because if FHA/HUD finds
out you did a non owner occupied 203(k), you and your
lender may get into serious trouble.

I am an FHA/HUD Approved 203(K)Consultant and have not
heard from FHA/HUD re-instating the investor’s 203(k) Loan. I wish they would, because back in the good
old investor 203(K) days, an investor could get a 203k loan to purchase and rehab a property and than just find a living person to assume the non qualifying loan.
It was great, before some investors abused the loan
program and had it cancelled.

Just my 2 cents worth.