Experience with FHA 203k Loans

[Brandon Kingcaid]

Does anyone have experience with purchasing a property with an FHA 203K loan in San Antonio Central Texas?

[Bill Rich]

@Brandon Kingcaid no problem. Just an FYI the HomeStyle would work as well as the 203K but when putting down the bare minimum (1st time buyer can be 3%) otherwise the minimum is 5%, your interest rate will be higher compared to say a scenario where you put down 20%. The 203K, being an FHA product, is not driven by LTV pricing like a conventional mortgage. So you could be down 3.5% and your interest rate would most likely be better than a HomeStyle where you put down 3-5%. A lot of our clients will do a refinance once the renovation has been completed using the instant equity to get out out of the renovation loan and remove the PMI.