Any 203K myths?

Agents, buyers ?  What is your experience with these rehab loans so far? 
  • December 02 2011 - Chicago
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Best Answer

Hi Sylwia,
The 203k isn't as hard as some say, the key to making sure that the loan goes well is is to have everyone (Realtors, buyers and lender) know what they should be doing throughout the process. If the borrower is qualified upfront, and knows what work they want done before submitting the offer,  works with an organized contractor and experienced lender, the loan should go quickly and smoothly. Here is an article I wrote which goes over the full process  What Realtors need to know when working with an FHA 203k

I hope this helps.
Pete
  • December 31 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The FHA 203K process can be very long, time consuming and painful.  My suggestion is to choose a lender who is very experienced and closes a lot of 203K loans.  You need a loan officer who is very familiar with this product as there are many details that go along with this type of loan.  If there are any other options to the 203K loan in your state, then you may want to look into those options.  I know in my state of Massachusetts there is a program offered through our state agency (Mass Housing) which is a much better and easier product.  I've closed several of these loans with great success.  Good luck!
  • December 02 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

203ks can be lengthy & like a nay other construction job, they will probably go slightly over budget. You can do a Full Blown 203k, which you only use if youre doing Extensive rehab work. The job has to be over $30k. You can also do an FHA 203k, which is for buyers who will need Under $30k worth of work done. I only work with Wells Fargo lenders regarding the 203k & I can provide a contact if you need them.
  • December 02 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Matt Laricy
They are very tough to secure. They also take a very long time to obtain. Right now, only a few lenders are doing them as well. I have a great contact if you need one.
  • December 02 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.