|
| Posted By |
Message |
jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
|
FHA 203K Loans
Has anyone done one recently or have any experience with them? We are working with Continental Home loans and I'm going to ask my broker tomorrow about them but I was wondering how hard are they to close?
|
Posted 1/18/15 12:03 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
|
|
Re: FHA 203K Loans
ETA - I see you are asking about 203(k) loans. I've done them before. They are not hard to close, but they can take longer if you do a full 203(k) loan versus the streamlined version (you can do streamlined version if the amount of the renovations is low enough... I believe it has to be under $35K). But for major renovations, it does take some coordination among the FHA planner, architect, contractors, etc. And the appraisal is a bit more complex because they have appraise the house as is, and for what it will be worth post-renovations.
Message edited 1/18/2015 3:43:29 PM.
|
| Posted 1/18/15 12:25 PM |
| |
|
jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
|
Re: FHA 203K Loans
Posted by Century 21 Dallow - Christine Braun
ETA - I see you are asking about 203(k) loans. I've done them before. They are not hard to close, but they can take longer if you do a full 203(k) loan versus the streamlined version (you can do streamlined version if the amount of the renovations is low enough... I believe it has to be under $35K). But for major renovations, it does take some coordination among the FHA planner, architect, contractors, etc. And the appraisal is a bit more complex because they have appraise the house as is, and for what it will be worth post-renovations.
Thanks Christine...it will be the 203K streamlined if we decide to put an offer. You're so helpful 
|
| Posted 1/18/15 9:24 PM |
| |
|
Potentially Related Topics:
Currently 650209 users on the LIFamilies.com Chat
|
