203K Loans ARE a Viable Strategy

At the last Lake and Company office meeting, Ken Steiner of Home Street Bank was the guest speaker and delivered a terrific summary of the 203K loan program and the new Streamlined 203K program.

The Streamlined version is limited to cosmetic repairs and up to $35,000 worth of work. The standard version of the 203K plan covers foundation and structural work as well.

The major benefit of this type of loan is that the seller has no work order worries, and the buyer will have no after purchase expenses. Any work that needs to be done will be paid for by the proceeds from the buyer's loan, so long as the end product appraised value equals or exceeds the loan amount. The work is all done after closing. The buyer is then in possession.

So, you didn't want to buy a fixer, but the location of one is perfect for you. Go the 203K route. Or maybe you want a fixer. Contact a Lake and Company agent for further information. There are a lot of details but with our help and the help of a professional like Ken Steiner, you will find the process easy and rewarding.