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Top 20 Questions Buyers and Owners Ask About FHA 203K Renovation Loans
1. With an FHA 203K if I put 20% down do I still pay mortgage insurance each month ?
2. Do 203K mortgage payments have to be made while the property is still under renovation ?
3. Can I work with any contractor I want to on a 203K ?
4. Will the contractor receive the rehab funds from the lender directly ?
5. When purchasing a property with a 203K can the Seller pay the Buyers closing costs ?
6. Can I use a 203K to build a totally new house ?
7. Can I use a 203K to renovate a small apartment building I will live in ?
8. Can I use a 203k just to remodel my current house ?
9. With a 203K is it possible to take a 6 unit or larger building and make 4 units out of it ?
10. Is there a way to use a renovation loan to buy a partially commercial & residential building and renovate it ?
11. Can a 203K be used to purchase a home that is unfinished by a previous owner ?
12. Can a 203k be used to retrofit my current house for a handicapped family member ?
13. How is the amount of renovation funds determined in a 203K loan ?
14. If an old home is purchased that must be moved to a new site, can a 203K finance that move and related costs ?
15. Can a 203K be used to remove asbestos or mold and water proof a basement ?
16. Is it possible to purchase a HUD home or foreclosed home and rehab it with a 203K ?
17. How is the down payment determined on a 203K purchase and can it be a gift from family ?
18. Is a 203K one loan or two separate loans when purchasing a property ?
19. While rehab is being done on a 203K if more work is needed that was not originally in the plan how can it paid for ?
20. Can a 203K loan have a co-signer who will not live in the property ?