Has anyone ever used a 203K loan? Can you tell me about it?
post #1 of 12
7/20/10 at 7:07pm
|Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements. All health, safety and energy conservation items must be addressed prior to completing general home improvements.|
We want to do this, too. We don't have a house in mind yet, not planning until next spring or so. But we'll have probably 10% to put down at the time. We think we'd rather go for a big house that's not pretty than a small house that's "move-in ready". After-all, we'll have 5 kids... And a small budget... But I've never been through renovations before. (well, not by a professional. Dh once reno'd our tiny bathroom. Took him 3 years to get it finished! NEVER again!) Were you able to live in the house while this major work was going on? Or did you plan to stay in your old home/apt while the reno was being done? How long did it take you?