Myths of the FHA Renovation Loan
The 203(k) rehab loan (home improvement) has to be one of the most underutilized loans out there and it can play such an important role here in Fort Lauderdale and South Florida. With so many properties down here needing work and now with insurance companies checking electrical panels, plumbing, roofs, etc.
This loan is avoided because the loan officer doesn’t do it or didn’t tell clients about it, people are scared to learn something new, they think it’s more difficult, and the list goes on. I wanted to debunk the myths of this loan as it can help so many.
- Time – they do not take forever like many think. They can be done in 45 days or less.
- Paperwork – there is a little more paperwork but we know what needs to be done so it is streamlined.
- Difficult – the qualifications when it comes to income and assets are the same for a normal FHA loan and the repairs are done after closing.
Contact us today to learn more or to get pre-approved for a renovation loan.