DIY Chatroom - DIY Home Improvement Forum - Buying a home with a 203(k) program

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Buying a home with a 203(k) program

I am looking into a home that I should be able to get for around 40K.

However at first glance there are already around 20-30K worth of issues that need to be done to make the house how I would like it.

Has anyone on here used a 203(k) type FHA loan when buying a home?
Did the home still have to pass the FHA inspection?

Is it hard to do the documentation required to hire out work and how hard is it to document work that you plan to do yourself?

Thanks!

Chris

Quote:

Originally Posted by DownRiverGuy (Post 444678)

I am looking into a home that I should be able to get for around 40K.

However at first glance there are already around 20-30K worth of issues that need to be done to make the house how I would like it.

Be very specific about your end number!

Has anyone on here used a 203(k) type FHA loan when buying a home?

yes

Did the home still have to pass the FHA inspection?

Yes, 203K type FHA says it all.

Is it hard to do the documentation required to hire out work

No

and how hard is it to document work that you plan to do yourself?

That can get tricky.

Thanks!

Chris

Might I suggest that you talk to your lender, they will in turn give you a packet that has all the necessary requirements & documentation needed.

Here is a link for reference http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Again, go to your lender for more specifics!