Why does it take a 203k or renovation loan so long to close escrow?
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Why does it take a 203k or renovation loan so long to close escrow?The short answer is that it doesn't take that long if everyone races to the finish line. If you use a proven team you should close a 203k in about the same amount of tiem as a 203b (Standard FHA loan). The problems come up when the team isn't allowed to function unobstructed. What I mean by that is simply do your job and do it as fast as you can and let the others do the same. Some take a little longer than others. I'm doing one right now the lender has called several time... but. there is no well, and no one has ever pumped the septic tank and there are no diagrams of the leach lines that show them on the subject property... yes, we have to get that straightened out. 203k Do's -1) Place the consultant order... once we ...