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what's the max amount of money i can get from a 203k loan?

i want to buy a house that needs a little work as a project. i have 713 credit. by keegan35445803 from Bloomfield, Indiana. Jan 20th 2015 Reply


Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

There are two different versions of the 203k loan. The 203Ks allows up to $ 35,000 as long as the as completed value of the home comes in to cover the purchase price plus the work being done.The full 203k will allow over the 35K as long as the value of the work is warranted by the appraised value.

Jan 20th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

There are two types of 203k loans. Streamlined, which is $35,000 or under in repair money, or full, which allows up to the maximum FHA loan limit in your area. For FHA 203k loans in MN, WI, or SD, visit www.JoeMetzler.com

Jan 20th 2015
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Tracy Davis (TracyD)
#37 ranked lender in Indiana - 9 contributions

you could do a 203k however with your credit scores we have a conventional program that allows for renovations with this program you can get 50% above the as is appraised value--luxury items are allowed. No up front Mortgage Insurance and you will be able to have an option of lender paid MI so that you have no MI I am in Indiana if you would like to call me I can give you more information 765.413.8806

Jan 20th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

If you have 35K or less you want to do a streamline 203K, anything over a full 203K.Limits are based on HUD loan limits in your area which you can check belowhttps://entp.hud.gov/idapp/html/hicostlook.cfm

Jan 20th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

You can borrow up to $271,050 maximum combined/total loan amount for most area's. The 203K streamline allows for repairs up to $35K, while the 203K allows for over $35K. The post repaired/improved property must appraise to be eligible.. However for your credit score, your better off using conventional financing using the HomeStyle renovation loan.. With this loan, there is no upfront mortgage insurance premiunm, no consultant fees, if you are borrowing at or below 80% loan to value, then no monthly mortgage insurance is necessary either.. Not the same with FHA.. these charges are mandatory.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 20th 2015
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