“A Conventional Renovation Loan Product is available”
Hey Joe,
We found a home that is of interest. The home needs some work which doesn’t bother us, but the listing agent told my agent that the seller will not accept an FHA 203K loan, as their previous deal fell apart that was FHA. Is there another loan product that we could go with and still get the dollars for the renovations?
An alternative to the FHA 203K loan is a conventional loan product which is the Fannie Mae Home Style loan. Minimum down payment is 5% of the purchase price and renovation costs. The majority of the guidelines are very similar to the FHA 203K counterpart.
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