My best advice to you is to use a lender that is familiar with PHILADELPHIA and Philly construction methods/professionals. It is important to have all of your plans well in order before entering the process, and know going in that you will be required to use licensed contractors for all of the work and to have estimates in writing PRIOR to loan approval.
I'm attaching a link to a lender I've worked with in the past who got the loan through on time and with all i's dotted and t's crossed. The list of required steps in the process and the documentation required will be very helpful regardless of the lender you choose, and that's included in the Housing & Urban Development (HUD) link.
Hannah Angert, RealtorÂ®
PA License RS-295442
William Festa Realty
3001 S. Sydenham St.
Philadelphia, PA 19145
Loan officers don't get a cut of any appraisal fees. We get paid only if your loan closes.
Superior Home Mortgage
Actually, you also have other options. You might consider getting a hard money loan, partnering with an investor, and checking to see if their are any government programs available that might help you with your rehab costs/loan.
My only added comment is in regards to the appraisers fee. While lenders don't traditionally get a cut I am sad to say that my experience with Lending Tree Loans dictated otherwise, as did many other folks (as you can find on Consumer Reviews and the Better Business Bureau's website.)
Call me and I can answer any of your questions and do your loan too.I have about six of these 203k going right now.
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
Fax 215 953 1706
Cell 267 992 7276
Voted Best of Bucks 2010
My best suggestion is find a loan originator in your area that specializes in 203K loans to review the specifics of your case.