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 lynn59
Joined: 19 Jan 2008
Posts: 3
1.96 Dollars($)
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 Posted: Sat Jan 19, 2008 8:53 am Post subject: 203 k Loan |
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I was reading a post from someone and they said that they received a 203k loan. What is a 203k loan?
Thanks,
Lynn |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 429
Location: Charlotte, North Carolina
15.96 Dollars($)
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| Posted: Sat Jan 19, 2008 10:45 am Post subject: |
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It's called a Rehab loan. When you purchase a home....FHA will lend more money to rehabilitate the home.
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Lynn
Guest
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| Posted: Sat Jan 19, 2008 1:46 pm Post subject: 203k loan |
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| Thanks for the info. |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.11 Dollars($)
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| Posted: Sat Jan 19, 2008 6:51 pm Post subject: |
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203K loan is an FHA loan designed for renovating a property. They are designed for either a purchase or refinance. There could be better options such as a line of credit to take cash out to renovate a property if there is enough equity.
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ezmortgageloanz
Moderator
Joined: 06 Apr 2007
Posts: 124
Location: National
37.57 Dollars($)
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| Posted: Sat Jan 19, 2008 9:25 pm Post subject: |
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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.]
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