How does a FHA 203k rehab loan REALLY work?
Saturday, September 18th, 2010 at
7:45 am
Comments (3)
I’m putting in an offer on a Distressed Property – needs new roof and new bathroom – some electrical work. I am being told that I should get a FHA 203k Rehab loan. My BIG question is – do I pay for repairs out of pocket and get reimbursed? Or do I just get the allotment of money to make improvements?
The money will be "escrowed" which means that you can not touch it. Either at the bank or title company. Work will be ordered and the workmen paid by the holder of the money. There are lots of restrictions about who you can hire so don’t count on having a handyman do the work.
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