One of the questions I’ve found recently is: What is a 203k certified contractor? So, as you may know, a 203K Loan requires a 203K Certified Contractor that is licensed and bonded. The borrower is no.
Contents Fha 203k loans Loan guidelines section Condition. fha streamline fha home loan This is a great question, 203k financing is FHA 203k financing, this is a government program and is a part of the FHA family of loan programs offered by many lenders.
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The 203(k) loan program offers two versions that work best for different situations: The Standard 203(k) is perfect for updates and repairs, although there is a minimum repair cost of $5,000 and you have to work with a 203(k) loan consultant to complete the process.
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FHA 203k Loans always contain higher interest rates, can take up to three months or longer and ultimately cost home buyers more.