Now, I'll be honest, I haven't sold a house using the 203K loan. When I was a lender, I did originate Chase Construction Remodel loans. My expert at Bank of America tells me the two loans have a lot of similarities. (Read, a lot of work for your loan officer)
Lots of homes on the market are shining examples of "potential". The problem in most situations is the hardworking buyers can't see themselves having the time or the money to remodel.
This is where the 203K loan can be a boon. Picture adding $20,000 to $50,000 to your loan and fixing all the things wrong with your new home, BEFORE YOU MOVE IN!
This loan has lots of benefits such as no payments until construction is complete so you don't have both a house payment and a rent payment. The lender aggressively manages the process. They want your home complete in a month or two at the max.
Because I work with REOs I get some great deals from my contractors. This can make the loan dollars go as far as possible.
If you consistently find yourself liking homes but wishing they were not so tired, this could help you get what you want. Do your self a favor, make an appointment to talk to a Senior Loan Officer and learn how the 203k loan can give you the remodeling opportunity of a lifetime.
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