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Can I do a 203k mortgage still with only 3.5% down?

By ariane91sola631190 from ID Jul 2nd 2014
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Yes, you can. If you would like more info on the 203k, please don't hesitate to contact me. I am all about information without obligation. Linda Miller 801.550.1222, linda@lindamillergroup.com

Jul 2nd 2014

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Ariane-Linda is correct. I would do your research on 203K though and make sure to talk with your Loan Officer as well, there are lenders that specialize in this exact loan type and that is what I would suggest going with if it is the route you want to go down. I will tell you it is much more grueling, tedious, and time consuming than any other loan program out there so just make sure you know what you are getting yourself into.If you'd like a no cost, no obligation quote or to discuss pre-approval feel free to contact me.208-818-3768, abyrd@goldwaterbank.com

Jul 2nd 2014

You would finance 96.5% of the purchase price and the costs to renovate the property combined. In effect, it is 3.5% of the cost to purchase and renovate. With that in mind, you want to start with looking at approximately how much cash will that require from you, and if you don't have enough cash, look at strategies to help you such as a seller credit or lender credit.

Jul 3rd 2014


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