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Posted over 8 years ago

Four Tips for 203 k Loans

Tip #1 - Find a contractor who knows 203 k, or one who wants experience with it.

Tip #2- Find a good consultant who works well with you and the contractor.

Tip #3 - Know each and every line item on your 203k worksheet--keep a binder.

Tip #4 - Things always go wrong, don't let them throw you for a loop.


Comments (4)

  1. I am gonna go the 203k route...is there a website that explains the "system"....in addition to reading here on bp


    1. Hi Tara--Thank you.  I don't know of any specific website, my advice is to start with HUD and to read the pdf's.  A lot of the folks I dealt with did not know the rules of 203 k, including the lenders...and I would share the pdf's that I found directly from HUD and then they would share them with underwriting and the deal was closed.  Our knowledge is our power....Good luck, and sorry this has taken me so long to respond--I didn't know that you responded.  By all means please email me if you have questions on anything, I want to help as best I can. Sincerely, Brian


  2. You are welcome, Winnie.  It does get more complicated but all good deals always do, in my opinion.  I had to go to HUD and actually share what I found with contractors, and consultants and even the bank. Happy Friday, and please let me know if you have any other questions...not that I can answer them all but will try. 


  3. Thanks for keeping it simple!