How do I make the payments on my FHA 203k loan while paying rent?
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
How do I make the payments on my FHA 203k loan while paying rent? It would be very difficult for most people to make two mortgage payments or a mortgage payment and a rent payment. Typically one of these payments is enough for most buyers. Many times the construction though the cost is included in the loan amount with the 203k loan program will be handled it doesn't openly contain the rent or mortgage on the other home you need to live in during the course of construction. What do we do about it? Simple... if your consultant says the home cannot be occupied for ninety days you can include two payments in your mortgage to help with that situation. If your project will last six months you can include up to six mortgage payments as part of your construction costs to ease the situation. ...