Calvin, I'm familiar with 203k loans and I still run a fully licensed General Contracting business. This is my understanding of 203k's. There are 2 types, streamline 203k's (under $35k) there is a deposit of 30-50% and final payment after completion. We like these. I honestly have yet to do a Full 203k loan (up to $365k+) but if the numbers were right we would entertain the idea. They can hold 10% back on each draw to be paid 30-35 days after the last draw and every check is written to home owner and contractor which will be 7-10 days before the home owner receives it meaning a good 2 weeks until finds are available. So send the streamlines on over and I would be willing to discuss the Full 203k when they come up. Send them on over to First Source Services. My cel phone can be found online or under the main number press 2 for my cel.
Louis, We are currently in the market for a condo, town or house up to $150k. We will consider fire, water and mold damage properties as well. No crap areas we have to constantly stress about materials and tools being stolen.
