limited 203k: A major shift in Limited 203k re: Septic Systems
- 08/08/24 11:15 AM
A major shift in Limited 203k re: Septic SystemsA few years ago, I received a call from a HUD employee who knew I was a national trainer. He informed me that several lenders in the Santa Cruz Mountains area of CA were replacing entire septic systems using the Limited 203k. He told me that septic system replacement was regarded as a "structural" repair as if I could stop a lender from misusing the program. It appears that this repair is now included with the Limited 203k. Under the latest 4000.1 guideline, I found what follows. This is from the HUD 4000.1 re Limited … (0 comments)
limited 203k: Why You Should Use an FHA 203k Consultant, Even on a Limited Project
- 08/05/24 01:43 PM
Why You Should Use an FHA 203k Consultant, Even on a Limited ProjectThe FHA 203k program is a powerful tool for homeowners and buyers looking to finance home improvements. While the Limited 203k program is designed for smaller projects, often under $35,000, many people question the need for a consultant on such a seemingly straightforward renovation. The truth is that even a Limited 203k project can benefit significantly from the expertise of an FHA 203k consultant. The $35,000 must include a contingency reserve, plus costs and fees of about $800 that most people don't tell you. If you go over the … (0 comments)
A major shift in Limited 203k re: Septic SystemsA few years ago, I received a call from a HUD employee who knew I was a national trainer. He informed me that several lenders in the Santa Cruz Mountains area of CA were replacing entire septic systems using the Limited 203k. He told me that septic system replacement was regarded as a "structural" repair as if I could stop a lender from misusing the program. It appears that this repair is now included with the Limited 203k.
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