Financing in Austin>Question Details

ms.mcelroy.a…, Home Buyer in Austin, TX

Does anyone have experience with mortage loans that include $ for renovations? I think it's a 203(K) loan.

Asked by ms.mcelroy.art, Austin, TX Wed Jan 16, 2013

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Michelle Flores’ answer
There are several lenders in town that are familiar with the 203k loan product and can close it quickly. The important part of moving forward with this loan is that you work with the right team this includes:lenders, consultants and contractor.
The Remodeling Boutique is a woman owned company focusing on 203k loans. We are one of the nations leading experts in 203k loans and can quickly and effectively walk you and your client thru the process.
We assist Realtors with their hard to please clients and help them find the perfect property to customize and build equity.
Email us for more information on michelle@remodelingboutique.com
0 votes Thank Flag Link Tue May 14, 2013
Talk to Krista McKorkel with Wells Fargo. She does 203k loans all the time. She even teahes a class on it.
Sincerely
Betina
0 votes Thank Flag Link Mon Feb 4, 2013
Nice concept, rare in implementation. Just don't see many (any) lenders funding these loans.
0 votes Thank Flag Link Sun Jan 20, 2013
Email me at FHAInspections@austin.rr.com as I am an approved 203(k) Consultant since 1996 and working with 203K's since 1974.
0 votes Thank Flag Link Wed Jan 16, 2013
Lots of loan officers will tell you they can do one, but find the expert in town is my advice.
Ask how many they have done in the past six months.
Ask them what contractors they have used.
They will cut the doers from the sayers.

You really want someone who knows the ins and outs of this program, not someone learning how to do them. They're tricky.

In most cases you must hire to have the work done by licensed contractors and not do it yourself. Nice way to go if you want to buy a house that needs some updating to kitchens, bathrooms, paint, carpet, etc.....of course you have to buy at the right price.
0 votes Thank Flag Link Wed Jan 16, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Many of our clients prefer a home equity line of credit (HELOC). It is more flexible and you only borrow what you need and when you need it. The primary disadvantage is that is a floating rate, but you can often lock it in by 'switching' it to a mortgage. Contact your mortgage consultant for more details (or I can recommend one).

My wife Twila and I would like the opportunity to win your business. We are thoughtful, creative and attentive to our clients, offering a variety of options so that they can choose what best suits their needs. I look forward to hearing from you directly.

Peace in your home,

Doug Vogelsass
REALTOR :: Agents for Change Real Estate
cell :: (512) 739-0457

10% of our net agent fees at the closing of our client's property will be donated to a charitable organization of their choice. We do this with ALL clients. This is our way of expressing our appreciation to both our clients and the worthy causes dedicated to the betterment of our communities.

9600 Escarpment Blvd :: Suite 745-75 :: Austin, TX :: 78749
Sponsoring broker :: David Komie, Attorney-at-Law (License# 584762).
0 votes Thank Flag Link Wed Jan 16, 2013
Contact Sandy Battise
Gateway Mortgage Group
Branch Manager
NMLS# 217017
(512) 923-6782
sandy.battise@gatewayloan.com
http://www.sandybattise.com

They Specialize in this program. Sandy can help you.
Thanks.
Mak Garner
PFS Realty
512-496-4279
0 votes Thank Flag Link Wed Jan 16, 2013
Ms McElroy as part oft team I work with lenders that offer different options to my clients. If you are not working with a realtor already I'd love the opportunity to represent you, at no cost to you and put you in touch with the right people. Feel free to give me a call or shoot me an email to get you going in the right direction.

I look forward to hearing from you.

Kindest regards,

Gabe Perales
KW Realty
512.961.2317
Peralesge@yahoo.com
0 votes Thank Flag Link Wed Jan 16, 2013
Hi Ms. Mcelroy.art. Yes I have experience with 203K loans for Renovations. Consult a lender that has experience with 203K loans.
0 votes Thank Flag Link Wed Jan 16, 2013
Michael Everist @ everist mortgage is a good choice.
0 votes Thank Flag Link Wed Jan 16, 2013
Yes, and the first thing I would reccomend to you is that you utilize the services of a mortgage lender who has extensive experience in this type of loan. It's really essential that they have both contacts in the FHA as well as local builders/inspectors to ensure that you don't run afoul of government bureaucracy.

Contact me for the name of one of the best. We would be delighted to help you in your search and transaction.

Ron Cullinan
Avalar Austin
GRI, CRS, ABR, CLHMS, e-Pro
512-799-3239
austin_realtor@earthlink.net
http://www.austinonlinehomes.com
0 votes Thank Flag Link Wed Jan 16, 2013
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