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I'm buying a property and it needs some work to modernize it. It's going to cost about 300k and needs 50k of work. I have the cash needed to do that and then a lot more, but I'd rather not sink it into the property especially when mortgage rates are so low.
Does anyone know much about 203k loans? It seems like they're FHA loans, but with a high downpayment can I avoid mortgage insurance? They require one year of residency is that correct? How much higher of a rate will I get vs a regular mortgage.
I'm buying a property and it needs some work to modernize it. It's going to cost about 300k and needs 50k of work. I have the cash needed to do that and then a lot more, but I'd rather not sink it into the property especially when mortgage rates are so low.
Does anyone know much about 203k loans? It seems like they're FHA loans, but with a high downpayment can I avoid mortgage insurance? They require one year of residency is that correct? How much higher of a rate will I get vs a regular mortgage.
Anyone have any tips or tricks?
I don't know all that much about them, but there are definitely a huge pain in the butt. So much so that the company I work for doesn't offer that product.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
