Banks that offer FHA 203(k) loans

1 Reply

Hi,

I am looking to buy a home that had water damage and needs around 50K wort of work fix up. This will be my primary house. The property is in Redmond, Washington.

I was told by my realtor that I will have to get FHA 203(k) loan. I called few local banks here - Washington Federal is one bank that is willing to fund a broken house but their closing costs are as high as 1% of loan amount.

Are there any other banks that offer these loans? Thanks for your help.

Thanks,

Mithun

Hey @Mithun Bondugula

Do you know any other investors in your area? Ask who they use for financing. If you don't know any, find some here on BP or at a local meetup group. You want to find a good mortgage broker because they will have more flexibility and options than a bank.

Also, what's this about 1% being high for closing costs? In my area, 1% would be incredible, especially for a 203k.

Feel free to message me anytime if you have other questions or just want to chat!