Leander’s who do 203k loans in North Snohomish County

3 Replies

Hello, First time poster, real estate investor, unfamiliar with the 203k loan process. I am interested in purchasing a home that is offered as a cash only option as the owner is worried that the home wilI not appraise. I know the area, and this is not a concern of mine, however, the home needs quite a bit of work and I would prefer to go the 203k route as opposed to the hard money route as I would prefer to avoid the hard money stress at this juncture of my life. I would like to research the 203k loan process to see if this might be a viable option for this home purchase. Does anyone in the Seattle, Bothell, Everett, Mill Creek, Wa area know of a lender who deals with these types of loans? Thank you, Margaret

Are we talking structural or non structural repairs? Why does the owner think it will not be appraised? How big are you thinking rehab costs will be? Depending on the property and the answers to those questions, a 203(k) consultant may be needed as well.

@Margaret Nagel There are several lenders in the area that offer rehab loans. If you have enough to do 5% down I'd recommend you look into the Fannie Mae Homestyle renovation loan vs the FHA 203k (which is 3.5% down).

Sometimes you can get around a rehab loan completely (People over-estimate what minimum property requirements are necessary to finance a home) but the concern would then be how do you plan to finance the rehab?

A good overview can be found on the HUD website:

https://www.hud.gov/program_offices/housing/sfh/20...

Hi Margaret 

Both the 203k and HomeStyle loan are great programs and are actually not hard at all when working with the right lender. I do know of one who is licensed in state of Washington. Let me know if you you need further assistance.