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.
Last edited by nortonrider : 08-28-2013 at 11:10 AM.