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Teresa M. Gr…, Real Estate Pro in New Haven, CT

What banks offer 203K funds?

Asked by Teresa M. Grant, New Haven, CT Wed Nov 16, 2011

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When looking for additional funds to cover cosmetic and energy efficiency upgrades after purchase, I strongly recommend looking into the Streamline 203K and Energy Efficient Mortgages that are available through FHA. It is very important that you work with a lending professional that has experience with these types of loans. Completing a sale can be complicated enough these days, let alone when using a lender that is not familiar with the process of the Streamline and EEM.

I recommend speaking with Dennis Fontes at Go Green Lending. He has been doing EEM and Streamline 203K loans for years and is the best resource that I know of in the Long Beach/Greater LA area. Find him through his website, http://www.GoGreenLending.com.

Best of luck. Be sure to ask him about the Energy Efficient Mortgage (EEMs) that are available through FHA. They are unbelievably simple, yet effective products that give you the power to make your home healthier, more efficient and eco friendly!

Mike Dressler
REALTOR, Certified Green Building Professional (CGBP)
Coldwell Banker Coastal Alliance
562.822.3234
MikeDressler@ColdwellBanker.com
1 vote Thank Flag Link Fri Nov 18, 2011
Hi Teresa,

The list of FHA lenders that offer the 203k program and are experienced in doing them are limited but the web referrence below should be a good start for you.

Good luck
1 vote Thank Flag Link Wed Nov 16, 2011
Teresa:

To date, the only lender I know that has successfully closed 203K deals is Wells Fargo. They have specific loan officers and processors that do these loan exclusively. Contact your local loan officer and as them to send you to the local 203K specialist.

I have also heard that Prospect Mortgage is handling FHA 203K loans, but have no experience with them funding these loans.

Good luck to you and your client. Dare to Dream.

Shel-lee Davis
424-2HELP12 (424-243-5712)
1 vote Thank Flag Link Wed Nov 16, 2011
Hi Teresa:

Hope this is helpful, go to

http://www.hud.gov/ll/code/llslcrit.cfm

type in your State and County and you will get the list.

Good luck.
Perry
0 votes Thank Flag Link Fri Nov 18, 2011
Mike Wilcox
National Renovation Lending Manager
Office 303-455-6926 | Mobile 303-525-3568
Mike.Wilcox@AcademyMortgage.com
http://YourRehabLoan.com

Licensed in AL, AK, CA, CO, CT, DE, DC, FL, GA, HI, ID IL, IN, IA, KS, KT, MN, MD, MO, MN, NE, NV, NH, NM, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT VT, WA, WY
Web Reference: http://203kContractors.com
0 votes Thank Flag Link Thu Nov 17, 2011
Hello Jerrry,

I am in Pennsylvania and I occasionally use Sunsest which is a California based company and has both a retail and wholesale operation.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
0 votes Thank Flag Link Thu Nov 17, 2011
The banks I know of that do 203K loans are: Wells Fargo and Bank of America.
Jerry LeGris, broker Prudential Calif Realty 949-510-2370
0 votes Thank Flag Link Wed Nov 16, 2011
There are many lenders doing 203K loans, talk to your mortgage broker and see who in the office is most experienced with these loans. Theya re great tools now...and not really that hard, just need to know what they're doing.

Karen
0 votes Thank Flag Link Wed Nov 16, 2011
I have used I-Mortgage in Cerritos Ca. They are accurate close on time.
0 votes Thank Flag Link Wed Nov 16, 2011
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