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"Wait, the government?! Oh no! They take forever to do things! It's like time's standing still"Paperwork. Time. Bids. Big loan. These are all things we hear that are keeping people from taking advantage of the FHA 203k loan for home improvements, renovations and repairs. They also keep real estate agents from suggesting this option to clients. From structural to desired improvements like carpet and paint, this government backed program can roll the cost of work into the life of the mortgage.
Well, it’s true. Sometimes it takes our government takes awhile to get through the red tape. And yes, some 203k loans we’ve heard of have taken "forever." But here’s the secret: We’re closing loans in 30-45 days (just like any other loan). Let’s put 4 myths of the 203k to rest right now.
Whether it’s finding a great deal on a foreclosure, or working to improve your own home with a refinance, rolling the cost of the repairs and upgrades into the life of the home mortgage loan can really help add value to the house.
Make sure you find a 203k specialist to help with this process. You want someone who's done these loans, who knows the government requirements and who knows certified contractors to get the work done.
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