203 k Loan

lynn59 · Joined: 19 Jan 2008 Posts: 3 1.96 Dollars($)

I was reading a post from someone and they said that they received a 203k loan. What is a 203k loan?
Thanks,
Lynn

banker0679 · Posted: Sat Jan 19, 2008 10:45 am Post subject:

It's called a Rehab loan. When you purchase a home....FHA will lend more money to rehabilitate the home.

Guest 0.10 Dollars($)

Thanks for the info.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

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.

ezmortgageloanz · Posted: Sat Jan 19, 2008 9:25 pm Post subject:

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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