203k loans
I have been reading up a little bit about 203k loans and from what I understand so far, the bank will give you a loan for a foreclosed home, and also set aside rehab money in an escrow for the purchaser to fix up the house. Would this be a good idea for someone wanting to fix and flip a home considering you find a good deal on a property?
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Yes, I have had clients in Connecticut buy homes via 203k loans that they would not have been able to purchase otherwise because of all the improvements that were needed to make the home livable.
There should be mortgage brokers/lenders and realtors in your area that specialize in 203k purchases. Link up with them and let them guide you because it is not the same process as a typical multi-family owner occupant house.