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

Posted by Susan Laframboise on April 24, 2011 at 3:53am in Short Sale Discussions

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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Replies

  • Jeff Payne April 25, 2011 at 10:30am
    Time frames for sure
  • Abraham Walker 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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