Anyone know anything about a 203k FHA loan?

has anyone ever looked into one or have one? What are the rates like? Closing costs? TIA!

Re: Anyone know anything about a 203k FHA loan?

i think i may have posted the same question.
i was researching this too b/c when i look at houses again, i will be looking into foreclosures...

it sounds to me as if you take out a loan for the price of the house say... $200,000.00. You need to get estimate from a contractor as to how much it will take to get the house in liveable condition.
the contractor says $50,000.00 (must be itemized, i reckon).

you get another mortgage for the 50K.
if you do some of the work yourself to cut costs, you can use the money for something else. you can use up to six months of this 50K towards your primary mortgage payment too. i guess they assume that you won't be living in the house while doing repairs, and give you six months to complete the project...

i want to know from a mortgage broker how difficult it is to get one of these mortgages???