Home Buying in 01902>Question Details

Damselfly2, Home Seller in Lowell, MA

MA Housing vs. FHA 203k?

Asked by Damselfly2, Lowell, MA Thu Nov 6, 2008

I am trying to weigh out the benefits of MA Housing Rehab/Construction loan and an FHA 203K (not sure if I'd go streamlined or not yet). Is one better over the other? I can't find a comparison... Thanks!

Help the community by answering this question:


If you qualify for the MHFA Purchase and rehab it is clearly the better choice. No UFMIP added to the loan amount and the rate is set by MHFA. FHA 203K come with a pricing premium.

I would be happy to compare the 2 side by side for you.
0 votes Thank Flag Link Mon Nov 10, 2008
The only way to get a true comparison is to speak with a local and trusted mortgage broker, they are both credit based so without seeing your credit and details of what the house is selling for, how much work, what type of work etc you would get real life numbers to be able to compare through a mortgage broker who can print out both scenarios so you can see any pros and cons. good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Nov 6, 2008
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