Offer accetped, 203K vs. conventional mortgage
I just received notification this morning that an offer on a SF foreclosure located in Rochester, NY was accepted! The house itself is in fairly good shape as the bank did many improvements including water heater, windows, furnance, etc. I originally was looking to do a 203K loan in order to redo the kitchen, turn one of the four bedrooms into a full bath/upstairs laundry and waterproof the basement (plus a few cosmetic updates). Any suggestions on general contractors (and/or sub contractors) who do 203K renovations?
As a side note, aside from getting the money to complete the renos lumped into the mortgage, does anyone have thoughts on conventional vs. the 203K? I don't necessarily have the cash to complete all the renovations I want to do at the moment, but could do a live in flip over the next 6 months-year to get it ready to rent. Thanks in advance!
Most Popular Reply
You can do a conventional version of the 203k.
Fannie Mae Homestyle or Freddie Mac CHOICERenovation.
You'll still use the same Certified 203k Contractors for the conventional versions.
Have your lender give you a Loan Estimate (LE) for all 3 to see which one works best for you.
Better hurry because you have a lot to get done during your inspection/feasibility period.