Just a quick gripe post- Bank of America sucks. They really do. I was so excited about my house and loan, but they have totally dropped the ball, numerous times.

You see, the 203(k) loan is a really cool idea- it enables someone like me, without a ton of cash, to buy a fixer-upper and, well fix it up! I knew that I could comfortably afford to spend $120k tops,  but I only had enough for a down payment, and not for remodel expenses. (What’s that you ask? Why didn’t I just buy a house that was already fixed up? Because I’m a Moore!) So the loan let me borrow extra money on top of the $93k price of the house for repairs, so I still came in well within my budget. AND I got the added bonus of getting to pick everything out myself.

The PROBLEM is that the bank is all wacked. They took FOREVER to give my the first half of the money, and luckily it was my bro who I owed all the money to for the painting, bathroom remodel, etc. and he is a pretty nice creditor. No threatening calls or letters. But still, it’s not cool that it took them so long. If it were a contractor who is not my blood relative, they probably would have charged me all kinds of interest.

Anyway, so now I’m waiting on the second half so I can get on with it. The phone lines at BoA are a joke, and once you finally get through to someone, there’s about a 1 in 6 chance you’ll get someone who knows what the hell is going on (PARDON MY FRENCH).

Still don’t regret the purchase, but it would be nice if they would give me the dough that I’m making payments for. I should charge them interest.

Has anyone else done a 203(k) loan and lived to tell about it?

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