What are the negatives regarding a 203(k) Mortgage on a Short Sale?

Are there any negatives regarding doing a 203(k) Mortgage on a Short Sale? I'm aware of a difference in the interest rate, but I was wondering if there is anything else - since it doesn't seem to be very popular.

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Permalink Reply by Abraham Walker on April 24, 2011 at 11:19am

Only problem I can see is the length of time it takes to process a 203k loan. Make sure the loan officer is qualified and skilled in this type of instrument. I would plan for a 60 day closing period after the short approval.

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Permalink Reply by Jeff Payne on April 25, 2011 at 10:30am

Time frames for sure

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