wiltznucs South Florida Fan Apollo Beach, FL Member since Sep 2005 6775 posts
re: FHA 203k Loan (Posted on 2/20/13 at 8:27 am to Caliendeaux)
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?..
re: FHA 203k Loan (Posted on 2/20/13 at 8:55 am to LSUtiger09)
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