Home buyers qualify for the loan the same as they would for a traditional FHA loan. The requirements and rules for 203ks are much the same. fha loans And Appraisal Repair Requirements – When a home is appraised by an FHA appraiser, there may be recommendations for repairs.
Can You Get An Fha Construction Loan Fha 203K Refinance guidelines fha insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages. Depending on the terms and conditions of your home loan, most FHA loans today will require MIP for either 11 years or the lifetime of the mortgage. mip rates for FHA Loans Over 15 Years