Remodel & Renovate in 81647>Question Details

Melissa Dris…, Other/Just Looking in

any info on 203(k) fha loans?

Asked by Melissa Driscoll, Sat Apr 23, 2011

Help the community by answering this question:

Answers

5
The FHA 203k is too unique to be explained in a forum like this. You can certainly obtain some very basic understanding of the 203k, but you really should speak to professionals who are fully competent on the 203k.

Work should be completed by a Certified 203k Contractor, who can verify their knowledge, understanding and competency with the 203k. Go to the 203k Contractor Directory at http://203kContractors.com. There's also a great FAQ section on that site as well.
Web Reference: http://203kContractors.com
1 vote Thank Flag Link Sat Apr 30, 2011
Email me any questions to FHAInspections@austin.rr.com and I will email you information or answer your questions.

Jose Guerrero HUD Approved 203K Consultant
0 votes Thank Flag Link Mon May 16, 2011
Department of Housing and Urban Development (HUD), a federal government maintanied website, has lots of detail on FHA backed loans as well as available counseling services. From my website, click on HUD - Home Buying Guide link to view HUD site content. Select areas of interest. Happy Trails.
0 votes Thank Flag Link Fri Apr 29, 2011
Hi Melissa,

I just received my FHA 203k specialist designation. I would be happy to answer your questions if I can. Basically a 203k loan is one loan that provides funding for both the purchase of the home and the renovations. There are two types of 203k loans, the streamlined loan, in which the maximum amount set aside for renovations is $35,000 and the full 203k loan, for which the loan limits are the same as all other FHA loan limits. There are some limitations on the types of renovations that can be done with the streamlined version, such as structural changes, but otherwise it is quite flexible. I really think it is a fantastic product that will enable ordinary home buyers to purchase Bank Owned homes, Short Sales and other distressed properties that provide a very good deal and still be able to upgrade those homes with little or no out of pocket expenses.

You can feel free to contact me here on Trulia if you have other questions. I am here to help!
0 votes Thank Flag Link Sat Apr 23, 2011
Hi Melissa,
What would you like to know about the FHA 203k loan?
0 votes Thank Flag Link Sat Apr 23, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer