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Renovations/ fha 203k

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cazz
Regular Contributor

Renovations/ fha 203k

Hey everyone im going to be a first time homebuyers in march 2014 so im working on cleaning up my credit well really im just playing the waiting game now because ive gotten all the baddies deleted of my CR so now im just keeping my utilization low and slowly watching my scores go up... so im working with a lender now and they offer a conventional loan with only 3% down and also a " toolbox mortgage" which is what i think is a fancy name for fha 203k loan

 

So has anyone ever used an fha 203k loan and how does the renovation process work? I currently make $34,000 a year so im looking for a home under 150,000 and if i do the toolbox mortgage im looking for a house anywhere between 100,000 and 130,000 depending on how much work is needed.Im not looking at major renovations just updates throughout the home nothing more than 20,000 worth...

 

So any advice on the process and and personal experiences would help... thanks

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