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Updated over 15 years ago on .

Johnny Maykin's profile image
Johnny Maykin's profile image
Johnny Maykin
  • Member since Dec 12, 2009
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Johnny Maykin's profile image
Johnny Maykin's profile image
Johnny Maykin
  • Member since Dec 12, 2009
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Johnny Maykin
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9
Posts
Buying & Selling Real Estate

Need help - HUD/FHA 203b and 203k

Johnny Maykin
Posted

I found a HUD home for sale that needs 5K in repairs. It has been approved for escrow insurance of 5k. It would be owner occupied. The home qualifies for FHA 203b and 203k loans.

I've offered 100k for the house.

I'm trying to decide whether to do conventional financing with 5% down or doing 203b or 203k loans. I've read some horror stories about 203b and 203k. Anyone have any experience with this sort of thing?

Thanks for any help!

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