FHA 203k Loan | TigerDroppings.com

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Caliendeaux
Member since Feb 2012
252 posts

FHA 203k Loan


I did a search for this on this board and didn't see any results but two and one was this one LINK about FHA appraisal...

Has anyone done an FHA 203k loan?

Pros? Cons?

LINK

TIA







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wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7592 posts
 Online 

re: FHA 203k Loan


quote:

Has anyone done an FHA 203k loan?


Havent done one but somewhat familiar with it. A neighbor used one to buy a place and fix it up. In the end the he didnt get as much renovated as he wanted due to inability to find scrupulous contractors. He was upside down from day one and never got it turned around. Seems like a lot of hassle to me when I could just buy a place that is suitable from the start. You plan on buying and renovating or just renovating your current home?..



This post was edited on 2/20 at 8:30 am


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Caliendeaux
Member since Feb 2012
252 posts

re: FHA 203k Loan


quote:

You plan on buying and renovating or just renovating your current home?
Buying a foreclosure and renovating.

quote:

A neighbor used one to buy a place and fix it up. In the end the he didnt get as much renovated as he wanted due to inability to find scrupulous contractors.

I'm thinking of finding general residential contractors to give me bids providing a turn key proposal.



This post was edited on 2/20 at 8:40 am


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LSUtiger09
LSU Fan
Raceland
Member since Dec 2009
670 posts

re: FHA 203k Loan


Funny you asked this, I just closed on my house last Friday and it was FHA for 203K..!





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AstroTiger
LSU Fan
Boxtard Commissioner
Member since Oct 2007
21158 posts

re: FHA 203k Loan


quote:

Funny you asked this, I just had my offer accepted on a house last monday and it will be FHA for 203K



any other answers in here? 0 for 1 not good so far






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Caliendeaux
Member since Feb 2012
252 posts

re: FHA 203k Loan


quote:

Funny you asked this, I just closed on my house last Friday and it was FHA for 203K..!


quote:

any other answers in here? 0 for 1 not good so far


Yes, please enlighten.






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LSUtiger09
LSU Fan
Raceland
Member since Dec 2009
670 posts

re: FHA 203k Loan


quote:

Yes, please enlighten.


not sure what kind of answers your are looking for. But I had no problem with FHA, everything went smoothly.






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Caliendeaux
Member since Feb 2012
252 posts

re: FHA 203k Loan


If you don't mind me asking, what was the home amount, and total rehab amount? What type of work did you need performed? Total overhaul? Was the contractor(s) familiar with the loan before? How do the draws/invoicing work?

Edit: I take it if the home costs you 125k and you need 75k (loan amount 200k) you dont just get a check for 75k right out the gate



This post was edited on 2/20 at 8:58 am


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ds1tiger
LSU Fan
Closer than you think
Member since Apr 2006
233 posts

re: FHA 203k Loan


Rates are higher than on a standard FHA deal.





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