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Question for all of you in the 203k lending arena. We are all aware that investors are out of the program but since non-profits are still in this question seems relivent. There is a little known feature of the 203k that reads as follows: Occupant owners attempting to sell their home may refinance the current mortgage with a 203(k) loan and make repairs and improvements prior to placing the home up for sale. If the purchaser of the rehabilitated property is a first-time home buyer, that buyer can assume the property without a down payment. This, if it can be utilized … (2 comments)
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