THE Blog

YouTube video on TV news report on FHA 203K Rehab Loan

The video says "it’s a great way for home buyers to get money up front for repairs", but it should state; "it allows you to roll the cost of repairs into your mortgage" and loan ceiling up to $700K which does not apply to all markets. Check HUD's website for loan limits in your area. Issues arise from lenders who are not well versed in the program and as a result do not effectively educate the borrower on program benefits, guidelines, fees, and next steps. Our loan limit in the Chicagoland area is $410,000 for a single family home and increases for 2 to 4 units.

Overall, this is a good video that at least gives folks an idea about another finance option that is great for distressed homes in need of repair.