When you are using a 203(k) loan the current property that you are purchasing will not have to meet typical FHA criteria until it is finished.
We aren't just talking about some homes that need new carpets or need a fresh coat of paint.
We are talking about homes that have serious lender problems that would deter any lender from coming near the property. Some of these issues include but are not limited to:
- Significant Termite Damage
- Broken Windows
- Plumbing Issues
- Worn out Flooring/Carpeting
- Missing Handrails
- Cracked foundations
- Lousy Workmanship
You will be able to purchase a home that is in need of these repairs and have them completed through the loan process.
With this product you will be able to broaden your search to properties typically only considered by investors/flippers because they would not be eligible for a loan.