Why would you need an FHA 203k loan for a picture perfect home?
By Mike Young, FHA 203k Consultant 828-469-7462
(203kOnLine.com, covering the USA)
Why would you need an FHA 203k loan for a picture perfect home?I here stories about low inventory all the time and what you have in inventory isn't the right size for your clients... What is wrong with this home as an example?Nothing is wrong with it. Beautiful inside and out. A picture perfect home. Oh, the family loves the neighborhood but they are having a baby... They need another bedroom and a rumpus room. It is an FHA 203k and we added that additional bedroom and rumpus or play room to the scope of work or scope of renovation (SOR as some of our lenders refer to it). This home was another one that had very little wrong with it but needed more bedrooms.The 203k came to the rescue to reconfigure the home to improve the functionality and get those additional bedrooms all within the s...
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