customer: What's the downside of FHA 203k mortgages?
- 02/06/12 04:17 AM
So, I get questions all the time about this, and people always tell me, “Jeff, everything sounds great about FHA 203k mortgages, ...sounds like it’s the perfect loan for me...it does everything that I want it to do, BUT there can't be the perfect loan- there has to be something wrong!” And you're right- maybe not so much wrong, but there is a downside to anything, which is what I tell any client, realtor or contractor during our initial conversation. From A Customer's Standpoint: For customers, the interest rate is typically a little bit higher-- somewhere usually about a quarter to a half percent … (5 comments)
My blog is here to provide information regarding FHA 203K loans and conventional renovation loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!
So, I get questions all the time about this, and people always tell me, “Jeff, everything sounds great about FHA 203k mortgages, ...sounds like it’s the perfect loan for me...it does everything that I want it to do, BUT there can't be the perfect loan- there has to be something wrong!” And you're right- maybe not so much wrong, but there is a downside to anything, which is what I tell any client, realtor or contractor during our initial conversation.
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