203K

[Doris Jin Huang]

Hello all,

We are looking to acquire a 2 family house where one of the units needs a complete renovation. We were told by one mortgage lender that 203K is our only option here - is it a fair statement? Does anyone have experiences working with a good mortgage lender with a lot of 203K experiences in the New York area?

Much appreciated.

Regards,

Doris

[Anthony G]

I've done a 203K project before.  I would highly recommend you have a reputable contractor that you're familiar with ahead of time or be quick to get estimates.  You will NOT close on the house 30 days from the accepted offer.  I think I've heard that 45 days is a target and I think mine took over 2 months.  All-in-all it can be a great program if you have a solid contractor.  You also want to avoid having to pay for too much unnecessary repairs that your approved inspector (I forget their real title) may find.  I got my loan through Flagstar Bank out of Michigan.