Anyone did the 203k loan that I can talk to about it?

Question

Has anyone done the 203k loan ? How was your experience?

Ryan Thomson · Answer

@Chaya Grossman from my understanding (I almost had a client do one), you can get a loan for the purchase of the home plus your rehab costs, up to the max amount your lender has qualified you for. So you have to originally qualify for at least Home price + rehab cost.

You then have to have a GC go through an make a VERY detailed bid of the property and all the work they are going to do.

It takes about 45-60 days to close. For that reason they are less popular with lenders, however, I think given the changing market you have a real opportunity to purchase a house with this type of loan.

Erik Manley · Answer

Hello Chaya, I used a 203k for my first house hack on my duplex as a first time home buyer back in Oct 2017. My brokerage specializes in them as well and covers NY and CT. If you have any questions I'd be more than happy to share my experience or answer any questions you may have!

Devin Ryan · Answer

Hi Chaya,

Speaking from the lending side, we have worked on plenty of 203k loans. These are a great option for the right property and can allow you to have the home you want with a more affordable starting position. The process of the 203k loan is similar to that of a standard 203b, with the exception of having contractors bids as part of the process. Are there specific questions you're looking to have addressed?

Anyone did the 203k loan that I can talk to about it?

Anyone did the 203k loan that I can talk to about it?

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