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Myths About FHA-203k Rehab Loan

A FHA 203K loan meets the unique demand of a buyer to cover his renovation cost along with the purchase price. However, the loan is infamous in the market for a plethora of reasons, mostly, due to lack of awareness. Let's get some of these myths busted in this post.

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Myths About FHA-203k Rehab Loan

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  1. Drew Mortgage Associates Trusted Boston Mortgage Lender www.drewmortgage.com | NMLS ID 2856

  2. Myths About FHA 203K Rehab Loan FHA 203K home loan program is intended for those borrowers who wish to cover both the purchase and renovation costs under one program. The primary focus of this program is revitalization and home improvement. There are a lot of myths encircling the 203K rehab loan, which has been around, for a couple of years. Let’s find out some of the truth behind these myths.

  3. Paperwork While FHA 203K rehab loans can be complicated, there have been many who have been talking about their ordeal while getting their documents fixed. However, over the past years, things have streamlined and if you have a good team to guide you, your paperwork can be smoothly done.

  4. Time to Close the loan This is one of the biggest myths, due to which people refrain from undergoing this process. The time may span around 40-60 days depending on the requirement.

  5. Borrowing Money for Renovation We understand that there a lot of apprehensions revolving around why to renovate the house and pay for 30 long years for it. What most buyers tend to overlook is that fact that you get to borrow that amount of money, which is the future value of that home. This leaves room for a lot of equity.

  6. Why Drew Mortgage Drew Mortgage, Boston’s top mortgage dealers are experts in helping applicants select appropriate loans for their situations and helping them qualify for it. Trusted Boston Mortgage Lender www.drewmortgage.com | NMLS ID 2856

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