Cash or 203k alternative primary residence

[Sara Zeleke]

Hello bp,

I found a home that needs lots of work. Its Fannie mae and only accepting cash or 203k. I rather not use 203k. 

Is there a way to get a hard money loan to make a cash offer, fix it up and refi conventional to pay off the hml? 

I hear that hml wont do primary residence though. Is there any other way of doing this?

My hubby is very handy and is in the process of getting a contracor liscence and we have about 70k cash to use towards the reno. Is there a way to buy and reno it ourselves without someone dictating us which contractors to use? 

Trying to avoid 203k hassle. Thanks in advance for your insight.