What is an FHA 203k loan?
This loan program is available to home buyers that allows the buyer to purchase a home and renovate that home too! This means you are making ONE payment to the bank.
What is a 203k Loan/HUD Consultant?
NH Home Inspector LLC is a certified HUD consultant. That means we perform an analysis on your home and determine the estimated cost to bring your new home up to HUD’s minimum property standards. Your renovations will cost money, and your lender will need to be aware of the cost of the renovations and only a certified 203k loan consultant can determine these numbers.
Can I use this loan for a home that needs a lot of rehabilitation?
Of course! Projects that involve structure changes, additions to the home, landscaping, and other instances where you currently cannot occupy the home make your home purchase a candidate for an FHA 203k loan.
How do the contractors get paid?
In favor of the borrower and the lender, contractors get paid when the work is completed and meets HUDs minimum property standards. This means you are guaranteed to have the work completed on your home.
When do renovations need to be completed? Is there a time-frame?
There is a time-frame. Renovations must be completed within 6 months.