May 10 2009
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What is the Application Fee for an FHA 203(k) Streamline?
Many lenders charge from $500 to $2000 “application fee” to work on your FHA 203(k) streamline renovation loan. At others there is no application fee, no lock fee, no other upfront fees.
Some competitors say, “we’re not willing to take that much risk and invest that much in time and resources.” Others say, “we believe in our home owners that they are being forthright and deserve our full respect.”
The truth is there is a great deal of investment made by lenders to qualify home owners for an FHA 203(k) home renovation loan and it is possible that, for one reason or another, they may never be compensated for their time and that is a risk they are willing to take on you.
