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FAQs About FHA 203K Loans

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In this article I have given you the answers of FAQs related to FHA 203k loans.

Is it possible for the borrower to do the rehabilitation work?

If a buyer is able to show professional expertise in a particular building area, then it is allowable. The buyer can be paid for materials but he will not be paid for the labor.

FAQs

What if money is left over after the renovations?

If there are any funds that are left over after completion of the renovation then these funds can be used for additional, covered projects.

If there are no additional, covered projects remain, then the buyer has to use the money to buy down the principal balance of the mortgage. The buyers never get the permission to retain unused funds.

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September 2011
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