203k loans at first appear to be just another service to sell. I thought it was. Then I looked into it.
203k loans are flexible.
A 203k loan is better because it allows you to purchase a property that needs work. For the proud homeowner the effort you put in after buying a home that needs work results in you getting exactly what you want. Also you get comfort in knowing that your remodeling and appliances are new and up to date.
How do you find a home perfect for a 203K?
There are thousands of Minnesota homes that are perfect for a 203k loan. 203k loans users have purchased properties in the Twin Cities and surrounding suburbs, all of Minnesota has bank owned and waiting properties that are perfect for someone looking to get a lot of house at a good value.
Who can help you get a 203k property?
Realtors know where the fixer uppers are are so a Realtor would help you, or you may drive by a home for sale that has a sign saying bank owned, this is perfect for a 203k.
Next you get approved by a lender, but make sure they offer the 203k, conventional loans do not allow for repairs.
What will it cost?
A 203k loan allows for a 3.5% down payment, you must have a credit score of 580 minimum, a job, tax returns for 2 years and the cost is about the same as any loan. Every loan is different and although you may pay a slightly higher rate you will get a deal on the home that more than offsets the slight rate increase, or you may find that you get a better rate.
Every loan is unique to the buyers and the property being bought.
A 203k loan can close in 20 to 45 days, some take longer and some go quicker. Count on 2 months or less with the right team behind you.
Do you want to know more?
We have the answers to your questions.
Call today and talk to our 203K expert.
True 203k stories
By Paul L
Aaron D found a Minnesota lake home that needed a new foundation, furnace and roof.
A regular mortgage would not allow loan money to be used for these repairs, this became a 203k loan.
The homeowner bought the house, dug a new foundation, moved it closer to the lake and added a new furnace, roof, windows and doors.
Aaron can now sit on his deck and watch the sun go down on his lake shore property.
203k can make dreams come true.