A government which robs Peter to pay Paul can always depend on the support of Paul.
- George Bernard Shaw
Considering a full 203k loan to buy a dump and renovate, but my broker doesn't do them. Claims only the big guys offer-true?
Eff. I loathe the big banks.
What's a full 203k loan?
Streamline version has a cap of $35k above buying price to be used for renovations; full version has no cap, but more restrictions.
Admittedly though, I haven't had a ton of experience with them, as they are not yet a real common loan, at least in the areas where I work.
The clients I have had who were interested never went through with them, but I never had a mortgage rep tell me that they couldn't execute one, and we primarily deal with what would be called the "smaller" mortgage companies (not large banks).
Got my formal rejection letter in the mail from Chase.
*Value or type of collateral is insufficient.