Many times the construction though the cost is included in the loan amount with the 203k loan program will be handled it doesn't openly contain the rent or mortgage on the other home you need to live in during the course of construction.
What do we do about it? Simple... if your consultant says the home cannot be occupied for ninety days you can include three payments in your mortgage to help with that situation. If your project will last six months you can include up to six mortgage payments as part of your construction costs to ease the situation.
You might ask who can put this all together for us? If you need a 203k lender who can actually close these loans you should give David Levy with WFHM . It is so important to use a "team" and having David on your team will be a distinct advantage. You are a part of the team as our client, and in PA it is going to be Rob Lunny of The Mike Young Team..
Mike Young, 203k Team Leader
With offices coast to coast and HQ now at PMB 168, 5055 Business Center Drive, Suite 108 Fairfield, CA 94534 1.707.812.7668. We have ten offices in CA covering both CA states, NorCAL and SoCAL
To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.
Skype name: the203kconsultant