“A 203K Loan is often the Right Alternative”

  “A 203K Loan is often the Right Alternative”

 

 

Certainly a good alternative when we have champagne tastes and a beer budget. No matter how many times I brought up this possibility, the answer was always, “I don’t want to do any work.”

A client of mine just purchased a property for $103,000 that needed work. She got a bid from a contractor for $31,600. When doing the appraisal for a 203K loan, there are two parts to it. The first is the current value which came out fine and then the after renovations value which came in at $163,000. All that means is instant equity for my client.

Hi there Joe.

Eric has gotten back in touch with me and sounds like he is feeling more pressed to pursue a 203k loan at this time, as we haven’t been able to find a property in the right price range that is affordable, something you suggested months ago. Please send me a new pre-qualification letter. He wants to make a purchase in the next 4 months for sure. I will have him follow up with you as well. He will provide lots of details when he calls.

Thank you for your help.

Cate

 

Image courtesy of StuartMiles/freedigitalphotos.net

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 8 commentsJoe Petrowsky • August 03 2016 07:40AM
“A 203K Loan is often the Right Alternative”
share
“A 203K Loan is often the Right Alternative” Certainly a good alternative when we have champagne tastes and a beer budget. No matter how many times I brought up this possibility, the answer was always, “I don’t want to do any work. ” A client… more
“The Appraisal Management Company System is Broken”
share
“The Appraisal Management Company System is Broken” There was a time that we could hire appraisers that knew and understood an area and would make sure that there was a good and honest appraisal. The mortgage lender could choose the best… more
“What to do to get our Dream House? ”
share
“What to do to get our Dream House? ” Hi Joe, Sorry I have been all over the place, I wasn't able to see you Monday when scheduled because I found out we are having another baby! We are very excited, ok so I know I am all over the place… more