Zillow Advice: Buying a Foreclosure - Any 203K myths? http://www.zillow.com/advice-thread/Any-203K-myths/424603/ Zillow Advice | Zillow Real Estate Hi Sylwia,The 203k isn't ... http://www.zillow.com/advice-thread/Any-203K-myths/424603/ Hi Sylwia,<br/>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, &nbsp;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 &nbsp;<a rel="nofollow" href="http://www.chicago203k.com/chicago-fha-203k-mortgages/chicago-illinois-fha-203k-mortgage-what-realtors-need-to-know-when-working-with-an-fha-203k-loan/">What Realtors need to know when working with an FHA 203k</a><br/><br/>I hope this helps.<br/>Pete Sat, 31 Dec 2011 16:21:00 GMT http://www.zillow.com/advice-thread/Any-203K-myths/424603/ 2011-12-31T16:21:00Z The FHA 203K process can ... http://www.zillow.com/advice-thread/Any-203K-myths/424603/ The FHA 203K process can be very long, time consuming and painful.&nbsp; My suggestion is to choose a <a href="http://www.zillow.com/directory/lenders/">lender</a> who is very experienced and closes a lot of 203K loans.&nbsp; You need a <a href="http://www.zillow.com/mortgage-rates/">loan</a> officer who is very familiar with this product as there are many details that go along with this type of loan.&nbsp; If there are any other options to the 203K loan in your state, then you may want to look into those options.&nbsp; 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.&nbsp; I've closed several of these <a href="http://www.zillow.com/mortgage-rates/">loans</a> with great success.&nbsp; Good luck! Fri, 02 Dec 2011 19:19:00 GMT http://www.zillow.com/advice-thread/Any-203K-myths/424603/ 2011-12-02T19:19:00Z 203ks can be lengthy &amp; ... http://www.zillow.com/advice-thread/Any-203K-myths/424603/ 203ks can be lengthy &amp; 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 <a href="http://www.zillow.com/fha-loan/">FHA</a> 203k, which is for buyers who will need Under $30k worth of work done. I only work with Wells Fargo <a href="http://www.zillow.com/directory/lenders/">lenders</a> regarding the 203k &amp; I can provide a contact if you need them. Fri, 02 Dec 2011 19:08:00 GMT http://www.zillow.com/advice-thread/Any-203K-myths/424603/ 2011-12-02T19:08:00Z They are very tough to secure. ... http://www.zillow.com/advice-thread/Any-203K-myths/424603/ They are very tough to secure. They also take a very long time to obtain. Right now, only a few <a href="http://www.zillow.com/directory/lenders/">lenders</a> are doing them as well. I have a great contact if you need one. Fri, 02 Dec 2011 17:25:00 GMT http://www.zillow.com/advice-thread/Any-203K-myths/424603/ 2011-12-02T17:25:00Z