Can some explain the process of a 203k loan. I was told that if the repair amount was under 30K they gave the money directly to the borrower, but if the repairs where 30K or more it went to the contractors. How much of a increase is it on your interest rate?ect…
What! the Food and Drug Administration has a 203k program? Seriously I’mnot sure any more but believe monies go to a licenced contractor and are held in escrow to be drawn from. Your best bet is to ask your local mortgage broker who handles FHA. Herbster
Make sure you go to the right website (hud.gov), but they’ve got all the info on the 203K program there.