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203k?? Anyone have experience?

1K views 10 replies 8 participants last post by  ReiKo 
#1 ·
Anyone have any experience with the fha 203k mortgage? We've been house shopping and we found one that has awesome property, but the house needs an enema. Any input is appreciated!
 
#2 ·
They are a pita if your agent and mortgage Co don't know what there doing. Also sellers will usually accept any other offer that is cash, conventional, or standard fha over your bid. The house also has to appraise for the purchase price plus estimated repairs which sometimes can be hard.

Where's the house?

Have you heard of an rda loan? Rural development
 
#3 ·
We didn't use one but know of a few people that have. It was extremely painless and simple. Knowing a licensed contractor helps out a bunch. With that said the agent and bank used on both are extremely good.

We used an RD loan which at the time was our best option. The low down payment allowed us to tackle so things that we wanted to change before moving in. This might be an option if you have a down payment saved that would be enough for the repairs. Eaither loan should be easy and painless if you chose the right people to represent and work for you.
 
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