Flipping and refurbishing houses has become all the rage over the past decade. Almost everyone has become an expert on mortgages, refinancing, and remodelling.Introducing the 203K loan . It’s officially known as Rehab Mortgage Insurance; but that’s putting the cart before the horse. Simply, it’s an insured home loan. With the 203k FHA loan y ou have the ability to buy that spec house knowing that your pre-approved loan is going to come with some extra money for repairs. The restoration costs are at least $5,000. Spending that is not a problem these days, It’s an FHA backed loan that is insured, so the lender is more inclined to approve it; especially if you have done your homework and have all the paperwork showing the remodeling estimates. Remember, the 203K loan is designed to cover the present value of the house plus the cost of the rehabilitation, or 110% of the appraised value of the property after rehabilitation; whichever is less. ...
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