limited 203k program: When should I use a Limited 203k?
- 07/04/17 10:55 AM
Limited 203k loan account for 98% of the problem 203k loans, use them often... NOT. Knowing that they have issues that cannot be resolved without a consultant why would anyone want to use a Limited 203k. A most misunderstood program to say the least.
Having said that there are times when it can be to your advantage to use the Limited 203k program.
If your appraisal comes in up to 10% low, you can gain a 10% advantage on that appraisal if you switch to a 203k... in this case a limited 203k and fix something, anything. Technically there is no minimum repair so … (2 comments)
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limited 203k program: 203k - buying locally
- 03/19/09 06:00 AM
203k - buying locally
The concept behind the 203k originally was to "Spread the Wealth" therefore you can't be the appraiser and the consultant and the lender, etc.
Taking that a step farther when you put a 203k project together and are putting the work out to bid... make every attempt to use contractors who are in the neighborhood where the home is or hire from that neighborhood. An investment in a home is a big investment. If you want the neighborhood to thrive you must "support it" by shopping locally for your needs so the money 'turns over' at least three times … (4 comments)
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Limited 203k loan account for 98% of the problem 203k loans, use them often... NOT. Knowing that they have issues that cannot be resolved without a consultant why would anyone want to use a Limited 203k. A most misunderstood program to say the least.
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