I just bought a house and have gone through the whole process, I have been allotted 17k to use to rehab the house. I thought it needed a new roof but found out it was replaced 2 yrs ago , can I use the money allotted for the roof for other things on the property instead of putting the money back to debit the loan amount ? I mean I am going to make the payments it is my money , I have had to gut the bathroom and it cost more than I expected so I don't hjave neough left over for a new roof anyway.
2006-07-01 06:14:53 · 1 answers · asked by preacherhall97 1 in Business & Finance ➔ Renting & Real Estate
Check with the lender. If your agreement on the 203b stipulates certain repairs then you are probably bound to use the funds as stipulated. The escrow agent won't release the funds for expenditures not stipulated. If the money isn't working out right for other repairs, check with the lender. It may be possible to redesignate it for excess costs in a listed repair.
2006-07-01 06:28:14 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋