When should I use a Limited 203k?
By Mike Young, FHA 203k Consultant 828-469-7462
(203kOnLine.com, covering the USA)
Limited 203k loan account for 98% of the problem 203k loans, use them often... NOT. Knowing that they have issues that cannot be resolved without a consultant why would anyone want to use a Limited 203k. A most misunderstood program to say the least.Having said that there are times when it can be to your advantage to use the Limited 203k program.If your appraisal comes in up to 10% low, you can gain a 10% advantage on that appraisal if you switch to a 203k... in this case a limited 203k and fix something, anything. Technically there is no minimum repair so I'm sure you can find something to repair.That is a time where it makes good senese to use this program.Why is it so hard to understand the "limited part of the Limited 203k program"?There are still those lenders who are relatively ne...
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