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  • FHA 203K Question? Post it Here

Do you have a FHA 203k question you’d like to ask a 203K Specialists?  Just post it here on the blog.

Scroll down all the way to the bottom of this page (the QA post page) and type your question in the “Leave a Reply” box and press “Submit”

Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well.   A 203K Specialists will answer your question the best to their ability.

We look forward to hearing from you!

“Your FHA 203K Mortgage Lender”




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  • Hi! My husband and I have already been pre-approved for the standard FHA loan, but after researching all the things that are required to pass the HUD appraisal, I am thinking this could be a problem (house has no gutters, chipped paint just to name a few). Since we are already approved for the regular FHA loan, is there any reason that we wouldn’t be able to move to the 203K?

    • Hi Angie,

      Absolutely, you can move from a standard FHA loan to an FHA 203k as long as your working with a 203k lender, that would be the advantage as not many FHA lenders offer you both options.

      Best of luck

  • We recently closed on a 203k. It’s been 2 weeks and were being told were waiting for a servicing company to pick up the loan. Is this typical? Is 2 weeks typical? The house has been purchased already, and the sellers were paid. We just dont have the rehab/escrow setup yet. Then, once that’s setup, how long until the first draw?? Contractor started already and we need to get some money moving!!

    • Hi Jeff,

      Each lender can have different timelines but a reasonable amount of time to set up the escrow account should be about a week but given Covid and staffing shortages two weeks may be more in line at the moment. Along with that there is a shortage of lenders who are currently doing them at this time.

      Best of luck

  • I am trying to get 283k for renovations yet the appraisal came in crazy low on my property including the renovations. Anything I can do?

    • Hi Tina,

      Adjust the scope of work or the purchase price or both, possibly request an appraisal rebuttal if a realtor is able to provide valid comps the appraiser may have missed.

      Best of luck

  • I purchased a property and committed to a 203 K loan. I had a horrible contractor that disappeared. I worked with a new contractor in collaboration with the loan company and found that much of the work from the 1st contractor needed to be redone. I am now out of money in the 203K loan and don’t know what to do. The mortgage company informed me that I need to get all the health and safety items completed (items which make it livable) in order to close out the loan which would leave me in good standing with an FHA loan. However if I don’t have the funds to complete the health and safety items, let alone anything else, I was informed they would shut everything down. I am not sure what this means, considering I have been paying my mortgage every month on time despite all of the aforementioned circumstances. Can anyone guide me on next steps? (i.e. – do I try to re-fi or get another 203 k loan through another company in order to finish)

    • Hi JT

      The lender must be able to close out the renovation. A lender’s hand will eventually be forced if the escrow can’t be closed out. Foreclosure is the absolute last resort for a lender so they will generally work with you to extend the repair window as long as possible to cover the bare minimum to close out the escrow. Every lender handles this differently.

      Best of luck

  • Courtney Coleman says:

    Hi! I’m a real estate agent looking for purchase and renovation financing for a client. Are you still providing the FHA 203k product right now?


    Hi, I have a renovation loan and am very unhappy with the contractor work. He has not been here in a while to complete the work and I am not interested in nudging him to do so. The loan expires in less than thirty days. Does that mean the loan closes out and the contractor does not get paid? That would be ideal in this situation because I would rather handle the rest out of pocket.

    • Hi Camille,

      If the time frame expires and there’s still work needed the loan will not close, because the lender can’t close out the renovation escrow portion until the work is complete. It’s in everyone’s interest to resolve it as quickly as possible and finish by the completion date so check with your specific lender for the best path to a resolution.

      Best of luck

  • Shannon Smith says:

    When you have a 203K, do you close on your home, and then do you have up to a year to do the repairs? How does that work?

    • Hi Shannon,

      Yes, all work starts and gets done after your loan closes and you can have up to 6 months to get everything completed.

      Best to you

    • Hi Roxanna,

      Most FHA 203k Lenders are looking for credit scores above 600 but for standard FHA loans without renovations lower credit scores can be acceptable.

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