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Updated over 10 years ago on . Most recent reply

What are Pros and Cons of Freddie Mac Renovation Loan?
Hi, All.
I am thankful to have found and become a part of BP community! As I am gearing up to score a deal on the first investment property, I would like to find out the Pros and Cons of Freddie Mac Renovation Loan. I'd much appreciate your input on this. Thanks!!
Most Popular Reply

I'm gathering you're speaking of the 203(K) loan? If so, it's not necessarily a bad gig. It is time consuming to close, you have to use 203(k) approved lenders and contractors (if I recall correctly), you have to live in the property for a specified amount of time, and other requirements I can't recall. It can, however, be an awesome deal if done right. Lots of hoops, but not a bad program really.