There seems to be a lot of mis information about the 203k. Many lenders offer only the Streamlined "k" so they are telling you there is a maximum mortgage amount for the 203k. Confusing huh? There is ONLY for the Streamlined "k" and it is $35000 including costs and fees like contingency.
Don't let that confuse you please. The FULL 203k on the other hand can be remodeled or renovated, or repaired up to the maximum mortgage amount for your county but must include the purchase price or existing debt as it will be paid off. Therefore the one we are doing in Marin County with a purchase price about $250000 and rehab amount of about $450000 is still under the Maximum Loan Amount for that county of $729750.
In reality a purchase of $756,000 with a 3.5% down payment fits the program in Marin County. You need a little more? Add an EEM piggyback to the 203k and we can actually extend the mortgage amount over the Maximum Loan Limits up to another five percent. M
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