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FHA 203K Rehab Loans- Important things to know
There are some important features to remember when looking into a FHA 203K Rehab loan.  These are great loans for buyers looking to purchase a foreclosure or short sale or for the home owner who wants to update or remodel there house.  Below are a few important things to remember:
FHA loans are for primary residences only-  you cannot be an investor and try to get a FHA loan or a FHA 203K rehab loan.  This is really important- I cannot tell you how many calls we get from investors looking to utilize this program and or skirt the system.  FHA loans are for primary residences only! 2 types of FHA 203K loans-  you can go with a Full K or the FHA 203K Streamline.  I will explain these two loans in more detail in my next post.  But for now just remember that you can only get up to $35,000 with the FHA 203K streamline and the repairs must be cosmetic in nature, nothing structural.  Single close loan- unlike traditional construction lending you only have one closing with the FHA 203K loan.  No need for construction loans and then permanent financing with the FHA 203K rehab loan you get all ... more

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