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You've saved a nice sized down payment. You've picked out a neighborhood with pleasant tree-lined streets and good schools. You've checked out all sorts of amenities. But now, the current real ...
You've saved a nice sized down payment. You've picked out a neighborhood with pleasant tree-lined streets and good schools. You've checked out all sorts of amenities. But now, the current real estate environment seems scary. News sources are full of home purchase horror stories. Foreclosures and short sales can turn a dream house into a nightmare. You're not the world's greatest DIYer, nor are you a financial wizard. Now you're real estate agent and mortgage broker have recommended you apply for an FHA 203K mortgage.
How to Survive a 203K Mortgage outlines step-by-step how to walk through the potential mine fields of home ownership using this financial tool and come out on the other side as a real estate winner!
Posted January 7, 2012
This book is amazing. Ms. Acorn does a fabulous job of taking you step-by-step through the pitfalls of purchasing a house with a 203K mortgage, which is about the only way anyone with any sense can afford to buy a foreclosure or even most short sale homes in today's market. She explains what to expect and what to demand. She tells you when it's okay to push back. She also provides the reasons behind the standard real estate advice, and why you need to follow it. This book really adds to her previous real estate offering. Not only will this book make your life easier, it will also save you money.
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Posted February 21, 2013
Useless. 60 pages of this 80 page ebook is about the normal home buying process (get a realtor, get an inspection, get a mortgage broker, etc). It has almost no details about 203k mortgage and what info it has is out of date or wrong (example, claims 203k is only for single-family homes -- it can be used for multi-family properties; claims the renovations have to be completed within 4 months -- it can be completed within 6 months). Actually, your better bet is to just read the basic documentation on a 203k mortgage and you'll have learned more about 203k mortgages than this book tells you about 203k mortgages.
The other problem is that it's basically a long blog post about Patrick Lee buying a house. If you want to read how Patrick Lee bought this one house this one time, fine. If you want to learn how YOU can survive a 203k mortgage, don't bother with this book.
On the bright side, the ebook didn't cost too much.