Hey There! In this video you will find out about an FHA 203k loan and what this loan is good for. If you are looking to buy a fixer upper or a foreclosure there are 2 types of FHA203k types.
There are two types of 203k loans: a streamlined version and a regular version. The streamlined 203k program is meant for homes that don’t need structural repairs and are capped at a maximum of ,000 in repairs. No minimum amount of repairs must be made. Traditional 203k loans have a minimum requirement of ,000 and can be used for structural repairs. Both loan programs require the repairs to start within 30 days of the loan closing and to be completed within six months.
The work is supervised by the General Contractor and the 203k Consultant. Draw requests are made by the 203k Consultant and he/she will also perform the final inspection. Generally speaking these projects are completed in 140 days or less
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