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3
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?..
This post was edited on 2/20/13 at 8:30 am
Posted on 2/20/13 at 8:40 am to wiltznucs
quote:Buying a foreclosure and renovating.
You plan on buying and renovating or just renovating your current home?
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 2/20/13 at 8:40 am
Posted on 2/20/13 at 8:45 am to Caliendeaux
Funny you asked this, I just closed on my house last Friday and it was FHA for 203K..!
Posted on 2/20/13 at 8:49 am to LSUtiger09
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
Posted on 2/20/13 at 8:51 am to AstroTiger
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.
Posted on 2/20/13 at 8:54 am to Caliendeaux
quote:
Yes, please enlighten.
not sure what kind of answers your are looking for. But I had no problem with FHA, everything went smoothly.
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
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 2/20/13 at 8:58 am
Posted on 2/20/13 at 10:52 am to Caliendeaux
Rates are higher than on a standard FHA deal.
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