(Closed) Anyone ever done a FHA 203-k Loan? COME IN HERE!!

posted 6 years ago in Home
Post # 3
Member
7312 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

We considered a 203K when we were looking at foreclosures, but decided it was biting off more than we could chew. The idea of having to find and manage the approved contractors and subcontractors, and assure that everything was 100% done in such a short period of time gave me heart palpitations. That and we would be stuck paying PMI because it’s a government backed loan when we had a 20% downpayment and could go conventional without PMI really bothered us. And that the interest rate was higher than what we could get for a conventional loan was also bothersome.

Post # 4
Member
161 posts
Blushing bee
  • Wedding: May 2012

We also considered a 203k loan, but decided we didn’t want to spend the first year of our marriage renovating a house.  We also didn’t want to spend all of the time & energy arranging for contractors/contracts before closing.  And also, we ended up not finding a house that we liked enough to renovate.  

If we were in a different time of life (not planning a wedding) & found a great fixer-upper, we might have gone for it.  It can be a great program if you have the willpower and energy to complete all of the requirements!  🙂 

We ended up with this house (haha) (sorry, it just is kind of ridiculously big) and I’m so glad we did! 

Post # 5
Member
1659 posts
Bumble bee
  • Wedding: July 2012

We did it! Our house was a wreck when we bought it, and we needed to replace floors, walls, insulation, paint, kitchen, bathroom fixtures, and more. We used a contractor who is a family friend and he subbed out the work that he and his crew couldn’t do themselves. We moved in three monhs after closing. The draw process was kind of annoying because our inspector was often MIA, but we’re still only into our house for about $50k less than it’s worth. 

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