Bridgeport, CT · Member since 2017 · 28 posts · 5 votes
Hello all,
Looking to buy a duplex one side is already rented for $1100. Other side needs work. It needs a 203k loan what are some good lenders I can use for first time??
Real Estate Agent · Kearny, NJ · Member since 2017 · 24 posts · 27 votes
9y
Melissa,
From my understanding there are multiple parties involved when using a 203k loan.
Bank/Mortgage Provider
Contractor
HUD Consultant
The parties above work together to keep one another honest so be as specific and thorough when outlining the work you wish to have done to your duplex. Interview multiple candidates for each of the parties listed above, ask lots of specific/detailed question's and take notes of all of their responses. Be sure to tackle all the mechanical's and important items first, such as roof, plumbing, electrical etc. as these tend to eat up most of your budget.
All the best to you!
Melissa,
From my understanding there are multiple parties involved when using a 203k loan.
Bank/Mortgage Provider
Contractor
HUD Consultant
The parties above work together to keep one another honest so be as specific and thorough when outlining the work you wish to have done to your duplex. Interview multiple candidates for each of the parties listed above, ask lots of specific/detailed question's and take notes of all of their responses. Be sure to tackle all the mechanical's and important items first, such as roof, plumbing, electrical etc. as these tend to eat up most of your budget.
All the best to you!
Bridgeport, CT · Member since 2017 · 28 posts · 5 votes
9y
Thank you! I definitely plan on looking to get a few contractors to look at it and give me some numbers. So far I have two that are willing to come out but from what they've told me it depends on which bank I am doing a 203k loan with. Not too sure about how that works.