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Is it possible to get financing on a rehab home without using a 203k?

 Hello, I'm wondering if there is a way to purchase a home that is unlivable without using an FHA 203k. My wife and I are looking at purchasing a home that went through a flood last year (always risky in a flood plain but first time in the houses ~200 yr history that it caused real damage) and the home does not have a kitchen and needs some drywall/flooring work on the first floor. We do not want to go with a 203k because I can do a bulk of the work myself (not a licensed contractor though). We have over half the asking price in cash but would need another 20-30k to be able to purchase it. Are there any products out there that I should look into? Any help would be appreciated.
  • August 29 2012 - US
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Answers (2)

Your choices are probabily USDA or a construction loan if you do not want FHA. Your best bet is to meet with a local and trusted loan officer who can prequailify you looking at your credit, financials and the home and let you know what is available for you.
  • August 29 2012
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Profile picture for JamesKuang
Are you planning to flip it or stay set?

If you want to flip it you can go look for a bridge loan with high interest rates and when you are done with the work, go ahead and flip it.
  • August 29 2012
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