Pic Credit to Razvan Ionut I got a call the other day from a contractor who said that his client was in the middle of remodeling their home and they ran out of cash to finish the remodel. Their previous contractor underestimated the costs of the materials and the home owner was using thier own [...]
January 4, 2012 – 7:33 pm
Quick tip on 203k loans: As a potential home buyer, make sure that the HUD Consultant and the General Contractor who is doing the repairs and upgrades to the property, are not the same person. The HUD Consultant is supposed to be an independant third party who keeps the General Contractor in check. I’ve ran [...]
December 6, 2011 – 6:20 am
Pic credit to jscreationz Can the 203k Loan Be used For Conventional Financing? The quick answer is no. The 203k loan is an FHA loan product and can not be used for conventional loan financing. There are other financing options for conventional financing such as the FNMA Homepath Renovation loan. The 203k loan is basically a [...]
The 203k loan is like taboo to some Realtors. To the 20 year experienced Realtor the 203k loan may be looked at as a loan that is problematic and associated with fraud. Realtors who have been in business for 10 years or more may have never seen the need for the 203k loan because there [...]
A 203k loan may be alluring to a do it yourself handyman. You get buy a home in need of repair and get a fixer upper home loan, the 203k loan, and receive funds within the loan to fix up the home or remodel it to your liking. It is within the FHA rules to [...]
