For FHA 203(k) loans, what is the minimum amount that can be financed for renovation work?
Correct Answer
B) $5,000
FHA 203(k) loans require a minimum of $5,000 in renovation work to qualify for the program. This ensures the program is used for substantial improvements rather than minor repairs.
Why This Is the Correct Answer
FHA 203(k) loans require a minimum of $5,000 in renovation work to qualify for the program. This ensures the program is used for substantial improvements rather than minor repairs.
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A lender discovers that the actual title insurance cost is $50 higher than disclosed on the Loan Estimate due to a rate increase that occurred 2 days after the LE was issued but before the borrower's intent to proceed. The borrower has not yet signed the intent to proceed. What action should the lender take?
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