(Closed) FHA 203k loans

posted 6 years ago in Home
Post # 4
Member
1659 posts
Bumble bee
  • Wedding: July 2012

We did it! We added $35k to our loan for new floors, walls, paint, kitchen, bathrooms…a lot had to be done before we could move in. We really wanted to be in a certain area that was mostly about $80-100k out of our price range, so it was really worth it to do the 203k loan because we walked into equity. It did take three months after closing for the renovations, so it delayed our move-in significantly. 

Post # 5
Member
1556 posts
Bumble bee
  • Wedding: September 2012

Yes! We did this past fall/winter/spring, it took us 6 months to renovate. I would say it’s definitely worth it! The only thing is they really are sticklers. For example, our original estimate did not include a dishwasher, big whoop right?! Wrong! We had to have that included even though we were gutting the kitchen and starting fresh. We would have gotten one anyway but we were just thinking we would but it ourselves along with a million other things. We had $32k loan with $3k in reserve for backup. The only s*cky thing about the loan is they give you half the funds up front and then the other half once the renovations are done (they come and inspect it), so it can be a bit of a financial burden but if you can swing it, I would say go for it!

Post # 7
Member
1556 posts
Bumble bee
  • Wedding: September 2012

@vorpalette:  One would think so. That part of it kind of s*cked since we had two mortagages (the place we were living during the renos plus the new home), in addition to having to take $20k out of savings (we went over budget of course) to actually do the renovations. To top it all off, our loan officer didn’t tell us that’s how the loan worked until after closing! Shame on us for not looking into it more, but the loan officer didn’t even know and had been in the business sfor 15 years! We were lucky to be in a situation where we could scape by, a few years ago we wouldn’t have been bale to!

Post # 9
Hostess
3571 posts
Sugar bee
  • Wedding: June 2011

@vorpalette:  I didn’t realize you were from Michigan. I grew up there, and have a lot of friends that have found this. It’s a bummer your house sold, but there are SO MANY on the market (although it seemed a bit better during my last visit this year) that I’m sure you’ll find something!

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