are the FHA 203k loans as strong as they ever were?
What can we say about that? Yes, and No is the right answer. Why is that? Originally the 203k was intended for borrower's that were credit challenged. That is no longer the case, many and I do mean many, borrowers these days just want to have some work done asap after they own the property.
What are the options then if not the FHA 203k, how about the Fannie Mae HomeStyle® Renovation Mortgage is the most common alternative to the 203k but it only covers to the FHA loan limits or the Fannie Mae limits.
What happens when you have a home where the list price is greater than those limits? There are a number of alternatives but the most popular is portfolio lenders who lend to their banking clients up to $3,000,000 and that includes purchase or refinance and renovation money too.