FHA and 203K Loan
Hi BP Community,
I am currently beginning the process to invest in my 1st Property in Newark, New jersey . I plan to house hack to get started. I think I will take advantage of being a 1st time home buyer and will go the FHA Route. I am hoping to find a diamond in the rough that needs some repairs, hopefully resulting in some built in equity. Therefore, I will need a 203K loan to finance the construction.
I am having a difficult time finding Mortgage lenders/ banks that offer 203K. Can anyone refer a lender/bank they have used?
Also, through my research I am learning that many banks/ lenders offer low Money down options very similar to FHA and PMI terminates after 20% equity is gained; which is awesome. If anyone is aware of a mortgage lenders/bank that offers a low money down program and 203K, please pass along a recommendation.
:) thanks!