What's the max project budget with a 203k mortgage?
My plans are lofty as far as adding to the house and estimated at over $70,000. Is this doable with a 203k loan or will i need to look at construction loans? I do have solid credit 736 by Lordeili783623 from Evanston, Illinois. Feb 19th 2015
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Your far better off using the HomeStyle renovation loan offered by most local mortgage brokers.. FHA's 203K has much more added costs.. 1.75% upfront MI charge, High monthly/annual MI charge, FHA consultant is also required at your expense.. etc... Not the same with HomeStyle.. Contact a local mortgage broker and let him put some comparison numbers together for both loan products.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Nathan Kerpan (NathanKerpan)
#46 ranked lender in Illinois - 1 contribution
We are a local lender/banker/broker offering both 203k and HomeStyle loans. Would be honored to consult on such and assist in providing the type of financing that would best fit your needs. Nathan D Kerpan - 230478 - Mortgage Planning Professional - Benchmark Mortgage - Call or Text 618-307-0439 / 866-448-3874
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