203k deferment during rehabilitation
I’ve heard on multiple podcasts about the 203k loan that you’re able to either defer or roll the payments into your mortgage while the work was being completed for up to 6 months to prevent people from having to pay rent at two different locations. They never specify whether it’s the 203k limited or the regular 203k. I’m hoping someone knows and can direct me to where it’s at in writing. Thanks.
Perhaps this might me of some limited use.
https://www.hud.gov/sites/docu...
https://www.hud.gov/program_of...
Much success.
Bob
Thanks Bob, I appreciate it. These are for the 203k standard I’m doing the limited. I appreciate you all the same though.
The standard 203k allows up to 6 months of mortgage payments to be included with with mortgage, and this option must be decided on before the loan closes. I know you mentioned not paying rent at 2 locations, but you'd only be paying rent at your current residence but paying your mortgage (not rent) for your new home, but 6 months of those mortgage payments can be added into your loan.
The limited 203k does not allow any mortgage payments to be included with the mortgage.
Reference HUD SFH 4000.1
Hope this helps!
Thanks