Location: Washington
Submitted 09/28/12 10:34 PM

Q. Looking for a 203k loan for a log home. Is there such a thing? And if so, which bank can do them?

 

Answer #1
Submitted 09/29/12 01:23 AM
Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.): Agent in Issaquah, WA Cyndi Carver, Issaquah & Bellevue Specialist (John L Scott, Inc.)
Agent
Issaquah, WA

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A.

203K is a type of FHA loan. Although it is a type of FHA loan, not all lenders who do FHA loans will handle the 203K type. Best thing to do is call one lf the larger lenders, ask them if they do FHA 203K loans.

Non-member response
Submitted 09/29/12 09:21 AM Right, wondering mostly if a 203k loan can be done on a log home. I'm having a hard time finding a lender that will lend on a log home period.

Answer #2
Submitted 10/08/12 06:08 AM
Paul Welden (203k Contractor Program): Services in Tempe, AZ Paul Welden (203k Contractor Program)
Services
Tempe, AZ

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A.

log homes are ineligible for the 203k loan.

Non-member response
Submitted 10/08/12 01:06 PM thank you for that information

Answer #3
Submitted 12/09/12 05:17 PM
Susan Templeton (Home Mortgage Consultant NMLSR ID 94045): Mortgage in Bellingham, WA Susan Templeton (Home Mortgage Consultant NMLSR ID 94045)
Mortgage
Bellingham, WA

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A.

203K is for traditional construction processes. Log homes are out of that box. You might find a local lender who specialized in construction/renovation loans who has options for you.
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