Any of you ever did a 203K loan?
How did it work out for you?
Was it worth the hassle?
I've got the opportunity to move on a property that has this option, however it is new territory for me.
looking for practical experiences - care to share yours?
I guess not.
I can only assume that people here in OT are just too busy hashtagging and trying to compose "funny" posts to rehab and flip a house.
Or, people have rehabbed and flipped homes without using the loan program you are asking about.
^ yeah, could be.
Too bad I don't have that kind of money at hand.
The thing about this place we are looking at is that it is HUD owned and the 203K loan is the only option available for financing.
There is quite a bit of work to be done (mostly plumbing and water damage issues) but nothing outside the scope of my ability.
I am moving cautiously on this venture (as I only get to play the FHA card once) and I want to do it right. I understand that a 203K loan is much like a construction loan only with the Government involved.
As we all know, whenever the Govt. gets involved, there is sure to be some bureaucratic bull$#!+ to deal with.
Gathering as much information as possible seems prudent, as I don't want to end up on the short end of the stick, mired in paperwork, or anything like that.
Just thought I'd ask here for experiences with the program, you never know who may be on this forum.
LOL, keep your government hands off of my FHA secured loan. :D
Just kidding of course. But one piece of advice is to consider the tax implications. There are some rules related to capital gains depending on whether you occupy the house or not, and how long you keep it before selling.
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