Anyone know anything about HUD Rehabilitation 203(k) loans?

Question

I read about it on the site, and it will cover what I need it for. But can I use it for a home thats paid for already or is it only for new homebuyers? How long does process take for hud loans? I know the paperwork is a headache but this is much needed

Answer 1

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Answer 2

These are best avoided.  HUD is involved in every aspect of the repair project.  If you thought that $1,000 in lighting was fine; HUD might make you spend $10,000.  That happens and you have no choice.  If you don't have money for repairs, buy a nice house.  Save the repo purchase for when you are older and richer. I wish i had waited. /

Answer 3

Purchase or no cash out refinance (no cash to borrower, money for remodel okay).

Takes a little longer to process a 203k due to having to have contracts for construction (or at least est) and they need to be approved.

HUD won't make you pay for more than the item costs.  HUD does not make you buy from "their" suppliers.  They take your est. and contractors.