{"id":140,"date":"2019-10-16T21:47:04","date_gmt":"2019-10-16T21:47:04","guid":{"rendered":"http:\/\/fastforwardstories.com\/?p=140"},"modified":"2019-10-20T23:36:49","modified_gmt":"2019-10-20T23:36:49","slug":"what-are-203b-and-203k-loans","status":"publish","type":"post","link":"https:\/\/localwebdesigncompany.com\/closingexpress\/what-are-203b-and-203k-loans\/","title":{"rendered":"What Are 203(B) And 203(K) Loans?"},"content":{"rendered":"<p><script src=\"https:\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_responsive_padding\" style=\"padding:56.25% 0 0 0;position:relative;\">\n<div class=\"wistia_responsive_wrapper\" style=\"height:100%;left:0;position:absolute;top:0;width:100%;\">\n<div class=\"wistia_embed wistia_async_rdowczvhev dnt=1 videoFoam=true\" style=\"height:100%;position:relative;width:100%\">\n<div class=\"wistia_swatch\" style=\"height:100%;left:0;opacity:0;overflow:hidden;position:absolute;top:0;transition:opacity 200ms;width:100%;\"><img src=\"https:\/\/fast.wistia.com\/embed\/medias\/rdowczvhev\/swatch\" style=\"filter:blur(5px);height:100%;object-fit:contain;width:100%;\" alt=\"\" aria-hidden=\"true\" onload=\"this.parentNode.style.opacity=1;\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender&#8217;s fees, and a maximum loan amount.<\/p>\n<p>203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of the loan is used to pay off the seller&#8217;s existing mortgage and the remainder is placed in an escrow account and released as rehabilitation is completed.<\/p>\n<p>Basic guidelines for 203(k) loans are as follows:<\/p>\n<ul>\n<li>The home must be at least one year old.<\/li>\n<li>The cost of rehabilitation must be at least $5,000, but the total property value &#8211; including the cost of repairs must fall within the FHA maximum mortgage limit.<\/li>\n<\/ul>\n<p>The 203(k) loan must follow many of the 203(b) eligibility requirements. Lenders will know specifics about improvement, energy efficiency, and structural guidelines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender&#8217;s fees, and a maximum loan amount. 203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of&hellip;<\/p>\n","protected":false},"author":53,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[27],"tags":[18],"_links":{"self":[{"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/posts\/140"}],"collection":[{"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/comments?post=140"}],"version-history":[{"count":1,"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/posts\/140\/revisions"}],"predecessor-version":[{"id":6984,"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/posts\/140\/revisions\/6984"}],"wp:attachment":[{"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/media?parent=140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/categories?post=140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/localwebdesigncompany.com\/closingexpress\/wp-json\/wp\/v2\/tags?post=140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}