FHA 203k Loan Updates 2024: Higher Limits, New Benefits & How It Works!

In this video, we explore the updated FHA 203k loan and the exciting changes for 2024! With higher loan limits and revamped features, this loan is designed to help homebuyers finance both the purchase and renovation of their dream homes. If you're looking to buy a fixer-upper or a home that needs repairs, the FHA 203k loan could be the perfect solution for you. Watch to learn how this loan works, what’s new, and how it can help you achieve homeownership!

Andrew Thompson
IG @Mr.Preapproved
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https://nfmlending.com/loanoriginator...

www.ryan-fagan.com
www.ardhirealestate.com

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@Ryan_Fagan_Realestate
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0:00 Introduction to FHA 203k Loan
Meet Ryan Fagan and Drew Thompson as they introduce the revamped FHA 203k loan.

1:15 What Is an FHA 203k Loan?
Overview of this purchase and rehab loan, and why it’s perfect for today’s market.

3:45 Types of FHA 203k Loans
Differences between the Limited (lipstick jobs) and Standard 203k loans.

7:30 Loan Limits and Appraisals
Key details about renovation caps, FHA county loan limits, and appraisal rules.

12:10 Step-by-Step Process
Walkthrough of the process, from pre-approval to renovation completion.

17:45 Who Benefits from FHA 203k Loans?
Ideal scenarios for buyers and examples of making deals happen.

22:30 Importance of Professionals
Why choosing knowledgeable agents, contractors, and HUD consultants matters.

28:50 Renovation and Draw Schedules
Understanding contractor payments and contingency budgets.

34:00 Common Challenges and Risks
Addressing delays, contractor issues, and tips for avoiding pitfalls.

39:15 Final Thoughts and Contact Info
Recap, answering questions, and how to connect with Ryan and Drew.