How can I find a FHA 203K lender?
I worked with a lender who suggested an FHA 203K because, in my price range, I will likely find only houses that need work (and I prefer to be able to make it my own rather than spend the money on a 'done' house). After I found what I thought was the right house for that mortgage, he decided it was too much work. The contract feel through and I am beginning my search anew. Before I do, I would like to know I have a lender in place who is willing to do the work to get me the right mortgage.
Answers | 2
Not all loan officers are created equal as you are experiencing; which is why it is so critical to not base your decision solely on rate as so many consumers do, but rather on a track record of satisifed customers & their level of dedication, knowledge, & experience.
Many lenders out there supply 203k loans. For the inexperienced loan officer, or lender, the 203k loan can be intimidating and this is why some cut and run. However with right experience & preparation, these loans are not complicated. My recommendation to you is to do your research by asking friends, family, and co-workers for referrals to lenders that they have successfully used in the past. Then question those loan officers on their experience with 203k loans...perhaps even discuss your own scenario with them. Test the water temperature before jumping in and if it seems like you have a committed & experienced lender then go ahead & work with them.