Sd203k

203K loans let the borrower purchase or refinance a fixer upper and finance the required repairs all with a single loan and one monthly mortgage payment. They are also called Rehab loans and it addresses a common issue when buying a fixer upper home. Normally lenders will not approve loans for homes that need major repairs. But with 203K Loans the lender tracks and verifies repairs and thus willing to approve loan on the homes with major repairs. Types of 203K loans 1.       Standard 203K loans: The standard 203K loan is designed for a larger and more complex project. It includes landscaping work, structural renovations, and other project where the renovation costs are more than $35,000. These loans are used to finance both structural repairs and functional improvements. For instance you buy a home that need a new roof or HVAC system, 203K loan is a good option to avail. The property is valued to find out its exact worth after renovation. Collaborate with a good HUD 203K consul