Posted on: 19th Jan, 2008 07:53 am
I was reading a post from someone and they said that they received a 203k loan. What is a 203k loan?
Thanks,
Lynn
Thanks,
Lynn
It's called a Rehab loan. When you purchase a home....FHA will lend more money to rehabilitate the home.
Thanks for the info.
203k loan is an fha loan designed for renovating a property. they are designed for either a purchase or refinance. there could be better options such as a line of credit to take cash out to renovate a property if there is enough equity.
Lisa,
I'd be curious to your rationalization of how using a one loan approach based upon using the future market value after repairs, a 30 year fixed mortgage that can be refinanced after repairs are completed using a streamline refinance is not a better option then a 2 loan approach using a line of credit with a variable rate?
There is no better loan for home improvement then the 203k.
Regards,
Scott Miller
"www.EZRehabLoanz.com"
[Link deactivated as per forum rules. Thanks.]
I'd be curious to your rationalization of how using a one loan approach based upon using the future market value after repairs, a 30 year fixed mortgage that can be refinanced after repairs are completed using a streamline refinance is not a better option then a 2 loan approach using a line of credit with a variable rate?
There is no better loan for home improvement then the 203k.
Regards,
Scott Miller
"www.EZRehabLoanz.com"
[Link deactivated as per forum rules. Thanks.]