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Private Lending & Conventional Mortgage Advice
HomeForumsPrivate Lending & Conventional Mortgage Advice203(k) Loan Question
Frank J.'s profile image
Frank J.'s profile image
Frank J.
  • Property Manager
  • from Manning, South Carolina
  • Member since Mar 13, 2014
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Frank J.'s profile image
Frank J.'s profile image
Frank J.
  • Property Manager
  • from Manning, South Carolina
  • Member since Mar 13, 2014
Connect
Frank J.
  • Property Manager
  • Manning, SC
3
Votes |
16
Posts
Private Lending & Conventional Mortgage Advice

203(k) Loan Question

Frank J.
  • Property Manager
  • Manning, SC
Posted Nov 5 2015, 16:54

If purchase a property with cash due to seller distress/quick sale and then attempt to utilize the 203(k) loan to rehab is it considered a cash out loan if you want to end up with less money down than you paid for it? 

Ex. You buy a property for 50k with cash. Then you need to put 60k in the rehab with an ARV of 140k. Ideally one would like to end up with 22k down(20%). Will the bank allow a cash out for the 28k difference?

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