Can you use a 203k for a partly remodeled home?

[Mason V.]

A house I am looking into started being remodel about five years ago. The home is nearly finished with just the bathroom and attic needing additional work. The bathroom needs a new closet door, shower head installed over the working tub, new tile and the drywall that needs to be painted. The attic needs new insulation and the hole used to access it closed.

I live in a rural area so using a hard money lender is out of the question.

[Edward Casano]

Yes. How much do you expect the renovation to cost? If less than 35k you'll want to look at the FHA 203k Streamline. If more than 35k, you'll want to look at Full 203k or FannieMae Rehab Loan. If you have a bigger down payment you may want to use the FannieMae loan to avoid PMI. In any case, search "203k" on the Bigger Pockets forums and you'll find a ton of great posts and information.

Here are a few links:

https://www.biggerpockets.com/mortgage/home/gettin...

https://www.biggerpockets.com/mortgage/fha-loans/f...

https://www.biggerpockets.com/blogs/4380/39975-why...

http://perryfarella.com/2014/09/top-20-questions-b...

Good luck!

Ed