Posted on: 04th Apr, 2014 04:14 am
Can I get a HUD home using the FHA 203k loan?
Yes provided it appraises high enough
The one big downside to hud homes is that the owner (fannie or freddie) sets the rice and doesnt require an appraisal - this is because many are over priced - they expect you to use their programs and get by without an appraisal - the 203k requires an appraisal based on an after completion of rehab value.
If that value suports the cost of the home plus the cost to rehab you should be fine.
203k is a great product
Brian Barnes
ENG Lending
Nationwide Lender
contact info below
The one big downside to hud homes is that the owner (fannie or freddie) sets the rice and doesnt require an appraisal - this is because many are over priced - they expect you to use their programs and get by without an appraisal - the 203k requires an appraisal based on an after completion of rehab value.
If that value suports the cost of the home plus the cost to rehab you should be fine.
203k is a great product
Brian Barnes
ENG Lending
Nationwide Lender
contact info below