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Is there a loan other than the 203K loan which I can get a hud house with and do the work myself?

With the 203K loan, the bank requires the work to be contracted out. I do not want to deal with contractors and am the handy man type who likes to do the work on houses. 
  • March 08 - US
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Answers (3)

For traditional renovation loan options, the work will usually have to be contracted. There are other options but they require the same contracting that the 203k loan also requires. There might be some private money or portfolio loan options which can have high rates and down payment, if that's the route you want to take. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 10
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We offer a portfolio renovation loan that requires 20% down and 680 or higher credit score. however, we will only use this program in our foot print states so it depends on where you are located. Contact me via my profile with your location and I will check for you.
  • March 09
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There certainly are private lenders that will lend you money to purchase a home, although the costs will be higher than a traditional mortgage provider.  This may work for you IF you can purchase the home, complete the repairs and then refinance the home at the lower rates offered by traditional lenders.  It is a little more risky, but doable.  Flippers often use this methodology to quickly fix a home and put it back on the market.
  • March 09
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