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Can I use a FHA 203k Loan?

The basic idea of this loan is to buy a house that requires some renovation, and include the cost of the renovations in the loan. While this may sound great on paper, it can be challenging to execute in the market.

Here are some reasons why:

  • Closing can take 60 days or more, which most sellers are not willing to wait for.
  • You need to find approved contractors to perform the renovations, and many contractors dislike the additional paperwork involved.

We are not saying it is impossible to use this loan, but it requires many elements to align in order to execute successfully.

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