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203k streamline refinance

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Sheilla

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Post Posted: Tue Aug 30, 2011 12:00 am    Post subject: 203k streamline refinance
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I don't have much equity in my property and I want to go for I am doing a 203k streamline refinance. Do you absolutely have to have the contingency reserve or can you do without it?
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sara
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Post Posted: Tue Aug 30, 2011 1:03 am    Post subject:
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Hi Sheilla,

As far as I know, you will need to include the contingency reserve. You can ask the general contractor for a 10% discount and use that 10% for your contingencies. This might work for you.

Take care
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sabrinatoss
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Post Posted: Tue Aug 30, 2011 8:31 pm    Post subject:
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A contingency reserve is a way to lessen the cost of breakdown on your financial difficulty. I believe that you will need it to prevent any risks from getting on your way.
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