streamlined 203k contractor looking for work: 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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streamlined 203k contractor looking for work: Contractors and the 203k loan program
- 07/06/11 03:47 AM
I must get 5-6 calls per week from contractors who have found out something about the FHA 203k loan program who confess after a while that they are small contractors and really don't have the wherewith-all to finance their jobs.
Do not dispair, the Streamlined k is just what the doctor ordered for you. This loan program provides 35-50% of the money up front for you to purchase materials. The drawback is that you only get one final draw upon completion. That is enough for most and gets you started. How many projets an you get under way with 35-50% of … (2 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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