Michelle Phillips

NMLS # 257767

757-366-8690

mphillips@tidewaterhomefunding.com

Michelle Phillips Senior Mortgage Advisor

203K Renovation Loan Q & A

203K Renovation Loan Q & A

Scenario: Streamline 203K purchase loan has closed. The contractor has completed the first phase of work, and the estimated work was OVER budgeted by $200.00. What this means is that there is $200 unused money…

Question: Can the borrower use that “extra” money ($200) and have something additional done to the property?

Answer: Yes, the remaining funds can be used to perform additional repairs to the property that become a permanent part of the structure. The completion date of the repairs MUST be on time in tracking with the completion of the other repairs.

For more information, contact Christie Woytowitz, NMLS# 743042, Tidewater Home Funding, LLC, 757-366-8690