4 Myths about FHA 203k Rehab Loans

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Myths about FHA 203k Rehab Loans






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Introduction

• The FHA 203k Rehab Loan has been designed to meet
  the unique requirements of the lender.
• It's primarily a loan program that allows the
  borrowers to cover their home renovation costs
  along with the cost of purchase under one
  program.
• There are a lot of myths surrounding the FHA 203k
  Rehab Loan, which has been around for a couple of
  years.

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Lets uncover the truths behind these
myths...

• 1. Complicated Paperwork
• FHA 203K rehab loans are complicated
• A lot of people have vented online about issues
  theyve had while getting their documents
  submitted.
• However, over the few past years, things have
  been streamlined and if you have a good team to
  guide you, you shouldnt have any problems.
• 2. Takes a Long Time to Close Loan
• This is one of the biggest myths- That the
  closing process takes time.
• Actually, loan closings can take place in as
  little as 30-60 days.

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• 3. High Rate of Interest
• The higher rate is to compensate the lender for
  taking a risk on the other benefits which a 203k
  Rehab Loan offers.
• Moreover, you can apply for a lower rate on your
  FHA Streamline Finance Loan after the completion
  of 6 payments.
• 4. Apprehensions About Borrowing Money for
  Renovation
• We understand that you may be apprehensive to
  renovate your house and pay 30 long years for it.
  
• What most buyers tend to overlook is the fact
  that you get to borrow the amount of money that
  equates to the future value of that home. This
  leaves room for a lot of equity.

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• Drew Mortgage Associates, Inc. is a leading
  mortgage company in MA that can help ease the
  process for FHA 203k Rehab Loan, by guiding you
  through the documentation process.
• Though you may have heard plenty of myths about
  this type of loan, it has undergone a lot of
  changes. Hence, there's no need to be reluctant
  about this loan.
• However, the process is not a walk in the park
  and youll need the service of an expert, which
  is highly recommended.
• Drew Mortgage Associates, Inc. is the most
  reliable mortgage company in MA.
• Read in detail about Myths About FHA 203K Rehab
  Loan

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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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