THE MAKEOVER BLOG
Renovation stories, useful ideas, and perspectives to help you see what comes next.
Realty
You're exactly right! That's a common misconception, but FHA 203k loans are not just for first-time homebuyers. Here's why non-first-time homebuyers can benefit from this program: Renovate your current home: If you al…
Read article : Myth #10 about the FHA 203k: It's Only for First-Time HomebuyersRealty
There's some truth to this one. FHA 203k loans typically do have slightly higher interest rates compared to standard FHA loans. Here's why: Increased Lender Risk: From the lender's perspective, there's more inherent r…
Read article : Myth #9 about the FHA 203k: 203k Loans Come with High Interest RatesRealty
You're absolutely right! Contrary to the myth, you actually can refinance with an FHA 203k loan. This can be a valuable option for homeowners who already own a property that needs renovations. Here's how it works: Ref…
Read article : Myth #8 about the FHA 203k: You Can't Refinance with a 203k LoanRealty
That's a good one to clarify! Unlike a typical appraisal, the FHA 203k appraisal process does take renovation plans into account. Here's the breakdown: Two Values Considered: The appraiser will determine the property'…
Read article : Myth #7 about the FHA 203k: The Appraisal Ignores Renovation PlansRealty
You're right! There are misconceptions about which properties qualify for FHA 203k loans. Here's a breakdown of eligible properties: Residential properties: FHA 203k loans are for financing the purchase or refinance o…
Read article : Myth #6 about the FHA 203k: Only Certain Properties QualifyRealty
That's a common concern, but FHA 203k loans have features to help you avoid renovation delays and budget overruns. Here's how: Detailed plan and budget: The 203k process requires a detailed plan outlining the renovati…
Read article : Myth #5 about the FHA 203k: Renovations Drag On and Bust the BudgetRealty
You are on the right track! FHA 203k loans do not require a massive down payment, which is a common misconception. Here's how the FHA 203k down payment works: Minimum down payment: The minimum down payment for an FHA…
Read article : Myth #4 about the FHA 203k: You Need a Massive Down PaymentRealty
You've got it! Perfect credit isn't required for an FHA 203k loan. Here's the truth about credit score requirements for FHA 203k loans: Minimum FHA score: The FHA sets a minimum credit score requirement of 500. Howeve…
Read article : Myth #3 about the FHA 203k: Perfect Credit is MandatoryRealty
That's right, the FHA 203k loan process isn't necessarily insanely complex. While there are more steps involved compared to a standard mortgage, it can be manageable with good preparation and the help of the right profes…
Read article : Myth #2 about the FHA 203k: It's an Insanely Complex Process
