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Replies (16)
- Rob Cochems
- Contributions:3523
203k is still rockin and rolling. Post a request on here on Zillow, make note that it is for the 203k. Then post the quote ID hear, we'll help you out.
- Andrew Adams, "203K Specialist"
- Contributions:9349
It exist for owner occupied. If you are an investor you are out of luck.
- John Paunan, "John Paunan"
- Contributions:1145
Ok...am I missing something? That's like, right on his profile.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Why does it matter....I'm a lender and I have questions from time to time. Would you not have the professional courtesy of answering my question?
- John Paunan, "John Paunan"
- Contributions:1145
Is that what he's talking about? My goodness, this is a discussion board for crying out loud. I could see if he was screwing around with bad quotes or advice on the boards, but come on. SF's comment is right on. I'm sure most of these guys on these boards have forgotten more mortgage information than I'll ever know, so I kind of like coming here to ask a question rather than try to request an opinion from HUD or try to wade through their crap. Professional courtesy is right!
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Wow people are getting overly sensitive. Who cares who asked the question, at least it's a legitimate question for a change and I see other lenders asking questions all the time.
AA, your answers tonight are the only things making sense...........
- Andrew Adams, "203K Specialist"
- Contributions:9349
Jp why else would you point it out, or even tak ethe time to look at his profile?
- John Paunan, "John Paunan"
- Contributions:1145
Oh, Ok, now I get what happened here. LB was responding to Cochems statement about posting a quote ID. I thought he was posting the information to say that we shouldn't be responding to Bob's inquiry since he was a lender. My mistake.
My little diatribe was a result of my perception (in error) that LB was saying we shouldn't be responding. I didn't get why he was posting Bob's info...sorry!
- Andrew Adams, "203K Specialist"
- Contributions:9349
or both Cochems and me for answering him. But Rob's answer minus the post a quote is still an answer. Rob like me likely, never thought to check who was asking the question.
- Bob Jones, "BobJonesUofA"
- Contributions:43
I don't have the ability to originate the infamous "Rehab Loan," nor have I ever, so I know absolutely nothing about it. Sometimes it's hard enough staying on top of the guidelines for the products / programs I am capable of offering, so I certainly don't go out of my way to study up on products I can't offer. However, in this particular case, there's no way I can squeeze this loan through any other way. The subj. prop. is in pretty bad shape, and there's no way the appraisal will pass through UWing. Customer's a nice lady, so I figured the least I could do is point her in the right direction. Any idea who still offers these loans? Subj. prop. is in AL. Please advise. Thanks!
- jzparker
- Contributions:53
Bob,
Countrywide, M&T, and Irwin are the only ones I know of that offer 203k's. You might try to see if she qualifies for a FNMA Homestyle. M&T and Flagstar offer those as brokered loans.
Another option is to check with local banks in your area. Most of them will do a short term construction loan to fund the purchase and rehab, and you refinance the borrower into a regular loan after the work is done.
- Aaron Opfell, "SunriseVistaMortgage"
- Contributions:249
Wow the deleted posts really hurt the readability of this thing
- Heartlandb05
- Contributions:17
Heartland Bank does the 203k program in mid-west states. Contact me via email for basic guidelines.
- John Paunan, "John Paunan"
- Contributions:1145
Property's in Alabama.
FHA 203(k) and FHA 203(k) Streamline are still alive. They're for 1 - 4 unit owner-occupied primary homes. If it's a condo, there can be no more than 4 units in a cluster. For second homes and investment properties, FNMA has the HomeStyle loan program.
FHA 203(k) "Rehab Loan"
I've received mixed reviews. I thought HUD pulled this program. Does anyone know if it's still being offered? And who, if anyone, is still doing them? It's a $150K HUD Purchase.
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