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Frequently Asked Questions (FAQ’s)

 

Q: What is an FHA 203k loan?
Q: What benefits are there for using an FHA 203k loan?
Q: Who qualifies for an FHA 203k loan?
Q: What types of properties qualify for an FHA 203k loan?
Q: What is the maximum loan amount for an FHA 203k loan?
Q: What types of repairs and/or modifications are acceptable for an FHA 203k loan?
Q: Is there a minimum or a maximum repair amount for an FHA 203k loan?
Q: Will my mortgage lender inspect the renovations?
Q: What is a contingency reserve?
Q: Do I need to hire a HUD-approved 203k consultant?
Q: Can I do work myself?
Q: What is a certified 203k contractor and how is a contractor certified?
Q: How are the 203k contractors paid?
Q: What costs are involved with an FHA 203k loan?
Q: Can an investor use the FHA 203k loan?
Q: Can I refinance my existing mortgage loan into an FHA 203k loan?
Q: What are the recommended steps to purchase/refinance a property using the FHA 203k loan?
Q: Where is the FHA 203k loan available?