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Answers (4)
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
Experience only when it comes to the 203K. Not only should the lender offer the full and streamline, they should also have access to the Fannie Mae Homestyle as well.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Big difference between a lender that has access to either the 203K full blown or streamline and a lender that actually has experience closing them.
- Lewis Poretz, "High Quality Advice"
- Contributions:219
NO -
Here is the real question...
Do all lenders who offer the 203K loan understand it and can they competently close them? - Again, the answer is NO.
Find yourself a a loan officer and lender that has a proven track record of closing K's. In that order - A loan officer with 203K experience is a must.
One question you should find out is do they offer streamline K's only or can they close a full blown K. Many mini K's turn into full blown K's and if your not careful it could be a bad experience.
I have said this many times but it is even more relevant with a 203K loan. DO NOT let rate determine your lender on a FHA 203K.
check out this link for more info on the FHA 203K - http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Here is the real question...
Do all lenders who offer the 203K loan understand it and can they competently close them? - Again, the answer is NO.
Find yourself a a loan officer and lender that has a proven track record of closing K's. In that order - A loan officer with 203K experience is a must.
One question you should find out is do they offer streamline K's only or can they close a full blown K. Many mini K's turn into full blown K's and if your not careful it could be a bad experience.
I have said this many times but it is even more relevant with a 203K loan. DO NOT let rate determine your lender on a FHA 203K.
check out this link for more info on the FHA 203K - http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
- Carl Henker, "Carl Henker"
- Contributions:755
The short answer is no. It may be hard to submit a request on Zillow as the loan will exceed that sales price/value. Check out the lender's for your area on Zillow and contact them direct. You are looking for an LO with experience in the loan program not best price. These loans are not cookie cutter transactions.
203k Rehab loans
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