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buying a home fixer uper using a 203k or 230k lLOn how does the process work and what are the quilif

  • June 21 2013 - Golden Triangle
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Answers (3)

The reason why not all lenders offer 203k loan is because the paperworks tend to be tedious. Talking to experts makes getting approve with 203k loan easier.
Look for lenders who have more success in this area.
  • October 05 2013
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  • July 07 2013
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In simple terms we can offer you one of two FHA 203Ks one straight and the other a Streamline, which I recomend. The 203K Streamline allows a homeowner to finance up to $35K in order to do any required  repairs. The program allows you to close a home in a "As Is Condition" meaning we will not require any repairs be make prior to your closing. After we close, we create a escrow account and you issue up to 4 draws to cover your invoices.

The FHA 203K is a little more complicated with regards to paperwork, but if you find youself in the capable hands of a experienced Loan Officer who know this FHA Product the process should be tolerable. Let me know if you have any questions by clicking on my Profile as I am located in the DWF Area.

Best of luck!
  • June 22 2013
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