rehab loan: Pro’s and Cons of the FHA 203k
- 07/10/14 04:52 AM
I honestly believe that the FHA 203k renovation loan is the best mortgage product available. The loan creates amazing opportunities in ways that other mortgage products cannot. At the same time it is not the perfect loan for everyone in every situation. Here is how I weigh the FHA 203k loan looking at both the pro’s and cons:
Pro’s
· Home renovations can include many things from windows and siding to new kitchens, additional bedrooms, bathrooms, and levels · It is easier to qualify for this loan. Credit scores as low as 640 and higher DTI’s are eligible · … (13 comments)
rehab loan: NJ-PA-DE-MD-VA Rehab loans - NJ FHA 203K
- 11/10/09 09:17 AM
While most FHA lenders look down on repair escrows and wanting to hold back money on loans the easy way around this is the FHA 203K rehab loan. I am located in Mt. Laurel, NJ and recently my Realtors have been asking specifically for FHA 203K rehab loans because the banks are now requiring this as a condition to accepting an offer on bank owned properties, why? This is simple- most foreclosures have work that needs to be done in order to satisfy HUD/FHA minimum property requirements. You cannot get around this with a typical FHA loan and the options are … (3 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!
I honestly believe that the FHA 203k renovation loan is the best mortgage product available. The loan creates amazing opportunities in ways that other mortgage products cannot. At the same time it is not the perfect loan for everyone in every situation. Here is how I weigh the FHA 203k loan looking at both the pro’s and cons:
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