Fha-Hud 203(k) Loan program

Loan Program - Fha-Hud 203(k) Loan program

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One of the biggest misconceptions about the Fha 203K loan process is that it is a difficult and time consuming. It is only difficult if your loan officer and realtor are inexperienced with the process. As far as being time consuming, whenever you involve third party consultants and contractors you growth the amount of time a loan takes to close. However, on most renovations there is no calculate the process cannot be completed in 30-45 days. I have seen them close in 20 days from the preliminary consultation to closing. This is true on both the traditional 203(k) and the 203K Streamline. Although the streamline does not need a Hud 203K Consultant, I have found myself consulting on them. At the end of the day, it is still construction and if a homeowner lacks the skill and/or construction background and knowledge, then it is key to have a counselor working in your projection to assure the process remains flat to completion.

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Loan Program

To good understand the process you need to understand there are two separate kinds of Fha 203K loans:

The Fha 203K Streamline. This loan is for repairs under ,000 that do not involve any kind of structural renovations. For Streamline 203K's, the lender may release 35-50% upfront and 50% when the work is completed. The lender will need a final inspection to make sure the work is complete. However, be sure that the maximum of ,000 is adequate to faultless the work you want to have done. You do not want to run short of funds before the work is beyond doubt done. This can sometimes happen with unforeseen damages during the construction process. In some cases you may only go back to the lender for an additional ,000. This is depend on your lender and the circumstances.

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