Asked by
Peg
|
Submitted March 11, 2015
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
Answered by
Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hello Peg:
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.
Good luck!
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.
Good luck!
$commenter.renderDisplayableName() | 08.21.17 @ 15:56
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Answered by
Caroline Gerardo, C G Barbeau in Newport Beach, CA
Research and preparation are your responsibility and a 203k is a complex transaction with a large amount of paperwork. I am also assuming this is a small loan. Understand that lenders are paid on the loan amount. You need an experienced realtor, a good contractor and a great loan officer to make this work. The 203k is limited in dollar amount AND the types of repairs you can do. Also look into Homestyle loans. Know the cost of repair items- visit Home Depot and Lowes and make notes about costs of items - what does a disposal cost, what does carpet or flooring per square foot cost...
$commenter.renderDisplayableName() | 08.21.17 @ 15:56
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