May 18th, 2013 8:09 PM by Bob Rutledge
Yes, it is possible, regardless of your experiences in the past or what you have heard it is possible to close an FHA 203k Renovation Home Loan in 45 days, maybe less.
If you are a home buyer reading blogs, forums, posts, articles, etc., about the FHA 203k renovation mortgages or if you are a Real Estate Agent that has professional experience with other 203k transactions it might seem impossible to close quickly but let me tell you that it is possible and even very likely if you have an experienced FHA 203k renovation team surrounding you.
I hear it all the time, mostly from real estate agents and other loan officers, how hard these loans are and how much time they take, then I ask two very simple questions - 'how experienced was your FHA 203k Renovation Team?' and 'where did you learn all of this?'. The answer always seems to be I don't know and/or the internet.
If you don't know the experience level of your FHA 203k Renovation Team you are only asking for trouble, delays and the risk of the loan never closing period. And just because you found it on the internet doesn't make it true.
The FHA 203k inherently has more paperwork and extra people involved, the extra paperwork and the extra people involved is a recipe that have a terrible outcome leaving a terrible taste in the mouth of someone who has gone through an FHA 203k nightmare. I am here to tell you the risk is well worth the reward. There isn't a better way to buy a home than having the opportunity to get your bathroom, kitchen, or basement redone. How about a new roof, windows, HVAC, addition, expansion, deck, appliances, or just about whatever else you can consider. All of these items can be financed and so much more.
The FHA 203k rehab/renovation mortgage can be done and without much difference than any other mortgage program, including the time to close the key to making it all happen is EXPERIENCE!
To have a successful closing in 45 days or less you need to have 3 experienced components working for you:
If you are interested in taking advantage of the FHA 203k Renovation Mortgage Program or you are a real estate professional with clients who need this home loan do not be deterred by what you read on the internet or hear from others or you will miss out on a great opportunity. Just remember EXPERIENCE is the key to successfully closing your FHA 203k home loan in 45 days!