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Definition: red tape - excessive formality and routine required before official action can be taken.
Red tape is often associated with the federal government. Since the FHA 203k loan program falls under the umbrella of the government, it is also prone to red tape. But there is hope. First, there is the Streamline 203k which has less red tape. Second, the Full/Standard 203k isn't just a red tape program, it has its benefits. Lastly, the team members at AmeriFirst are well-versed in the 203k program, so the red tape shrinks at our appearance!
Yesterday we covered the top 10 repairs covered by the FHA 203k instead of a conventional mortgage. They were basically all covered by the Streamline 203k loan. Today we're looking at the differences between that loan and the Full 203k.
See the embedded video here - FHA 203k: Full 203k vs Streamline 203k
There are other nuances that differentiate the Full/Standard from the the Streamline. If you have more questions, or want something concrete in your hands, download our free eBook guide to the FHA 203k.
One thing to keep in mind: neither 203k option covers luxury items like swimming pools or hot tubs. Sorry!
(construction photo: Brock Builders)
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