3 Lies Told About 203K Loans

When buying a home,

you want people to be upfront and honest with you. What you do not want is confusion and misconceptions from the beginning. Which

203K / Truly Noble Services, Inc.unfortunately that seems to happen to many potential buyers when investigating the process of the 203K Houston TX offers. It does not have to be like that.

One main misconception

I heard from a 203K Houston new home buyer was that the process seemed to take forever. I could not understand this, because it really does not take long to complete a 203K. It can take 60-90 days on average. It all goes back to the old saying of ‘watch the people you surround yourself with’. If you choose to work with a lender who does not understand the 203K process or a consultant who has only done one 203K in their entire tenure, there will be delays and issues. This is mainly because your team does not know what they are doing. The best thing you could do is at least making certain that your contractor understands their pay scale and is on board. At least you know your work will be done within perfection.

A second huge lie

that buyers are fed is the fact that the closing takes forever. It certainly does not have to that is a promise. The only thing that takes time is the actual choosing and hiring of a contractor. this is because there are usually so many different things needing to be done for a 203K there are usually more than one contractor that is needed. That is why it is strongly recommended that Truly Noble Services is your contractor, because they can literally do any work from the foundation to the roof of a 203K project. They are familiar with the pay scale and make sure that that job gets done to complete satisfaction of the buyer.

Lastly,

and this one came to my attention from a buyer who was interested in working through a 203K Jackson Mississippi was overseeing. A contractor will never be certified by HUD or FHA; it does not happen like that. There is a certain website that promotes the fact that they have certified 203k contractors. In which some technical case, it is true. The contractor does not get certified through HUD or FHA; they take a certification test for the website. This certification has nothing to do with HUD or FHA standards. The fact is that not all contractors are funded heavily enough to be able to take on 203K homes because the payout for the work can take upwards of 90 possible days.

This is just three simple tidbits that get thrown around all the time about 203K loans. They are not necessarily true and can be proven wrong by simply hiring qualified people to be in your corner. If you have any questions, please feel to call one of our 203K specialists in our office @ 972-272-2455 ask for Jackie Brown or Brandie Glover.

 

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