“FHA is FHA”
Hi there,
Betsy wants to buy a foreclosure property that I showed her that needs renovations.
You have her pre-qualified for FHA. Can she switch to 203K?
When someone is been pre-qualified for FHA financing, there is a 203B which
does not include any renovations and a 203K which does involve
renovations.
Reverse mortgages are also under the umbrella of FHA. It seems anytime I have a
reverse mortgage conversation with anyone they are seldom aware these
are all FHA mortgages. Reverse mortgages can be done as a refinance or a
purchase, but the structure is completely different as there are no
mortgage payments.
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