Financing in 19143>Question Details

The_wza, Home Owner in Cobbs Creek, Philade...

I'm entering into my third refi attempt on a house that admittedly needs repairs and I'm just now learning of 203K loans. How can I find?

Asked by The_wza, Cobbs Creek, Philadelphia, PA Wed Mar 9, 2011

one in Phila? When you tell a lender that you want to refinance BECAUSE you need to finish outstanding work, do they hear you or do they just get a cut of the appraisal and hit the tracks? I'm very frustrated and now my repairs are urgent and I'm back to square one.

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The_wza:

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.

http://www.megamortgagepa.com/
http://www.hud.gov/offices/hsg/sfh/203k/203kmenu.cfm

Good luck!

Hannah Angert, Realtor®
PA License RS-295442

Cell 215.869.9571
Office 215.271.3000
Fax 215.271.0988

William Festa Realty
3001 S. Sydenham St.
Philadelphia, PA 19145
2 votes Thank Flag Link Thu Mar 10, 2011
I do 203K all over PA. The FHA 203K gives you cash for repairs at a low fixed rate. If you have any questions, feel free to call 412 726 1654
1 vote Thank Flag Link Wed Mar 9, 2011
It sounds like you have already had an appraisal completed recently on the property. I've done a number of FHA 203k mortgages, and would be happy to look it over and see how this may convert to a 203k mortgage for you. If the appraisal that was done on the property was for a standard FHA mortgage, we can look into possibly converting it into a 203k appraisal.

Loan officers don't get a cut of any appraisal fees. We get paid only if your loan closes.
1 vote Thank Flag Link Wed Mar 9, 2011
please be advised that the 203(k) is also available as a rehabilitation REFINANCE.
0 votes Thank Flag Link Mon Apr 25, 2011
Hi, The_wza. 203k loans are only for purchase properties transactions that require renovations and/or repairs. You need to do a cash-out refinance. So long as you're home has the necessary equity, and you have the necessary credit score/history and income, you shouldn't be having a problem.
0 votes Thank Flag Link Mon Apr 25, 2011
Hello there. My company is a direct lender, and one of our specialties is the 203(k) product. If you wish to reach out, I will put you in contact with some one local to you who can help. Good luck!!!

--Liz

http://www.rhfunding.com
0 votes Thank Flag Link Sun Apr 24, 2011
203k are tricky. Just know that you must use licensed contractotsd and permits. The bank monitors your draws. These are great but have a loyt of strings. I also recommend you go visit a pncbank or other bank that can get you a 5k to 30k credit line for home repairs at 3 percent backed by city govt.
0 votes Thank Flag Link Sun Apr 24, 2011
Wza- Would be happy to assist you with your 203k loan. Sounds like it may be a fit for you. I am located in the Greater Philadelphia Area.

Joe Cafiero
Superior Home Mortgage
610 594-6611
jcafiero@supmort.com
http://www.joecafierosmc.com
0 votes Thank Flag Link Fri Mar 11, 2011
Find a lender that can do the FHA 203K, not all lenders can do this. Also collect referrals for certified contractors that will be able to give you bids on the work. Ask a few Real Estate agents for referrals on both. The agents in your area should be able to provide you with trusted vendors that they use for all such purposes.
0 votes Thank Flag Link Fri Mar 11, 2011
Hanna is sooooooooooooo correct: "use a lender that is familiar with PHILADELPHIA and Philly construction methods/professionals."

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.
0 votes Thank Flag Link Fri Mar 11, 2011
I am a renovation loan specialists and have been published in recent months in many two publications. The FHA 203k loan is a great solution (and I will call you back). Also, if the "after completed" value allows you to document that you have sufficient equity in the property after the project is complete then you may want to consider the HomeStyle Renovation loan program in order to avoid paying a monthly mortgage insurance premiums. Or put another way the HomeStyle loan monthly payment is less than the FHA 203k loan. Check out my 203k website using the below link. I offer both the 203k and HomeStyle loan programs and can be reached at (866) 552-5912.
0 votes Thank Flag Link Fri Mar 11, 2011
feel free to call me 412 567 6560 if you are not getting an answer from your current 203K lender
0 votes Thank Flag Link Thu Mar 10, 2011
Thank you all for the great replies! I was referred to one lender who is 203K approved and she has yet to call me back, this seems to be the OTHER issue. I'm now in a panic because the repairs I needed when this ordeal started are effectively urgent after an awful winter and what is shaping up to be a wet spring so my new concern is that I will be taken for a ride because I am desperate. So I am thankful that this resource is here for people like me who know that we have rights, but may not always know what they are.

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.)
0 votes Thank Flag Link Thu Mar 10, 2011
Another option maybe a PHFA loan as well, that is Pennsylvania Housing finance Agency, they also make loans allowing for repairs, and may do refis as well. If you need some contacts feel free to email me.
Web Reference: http://www.VandekarTeam.com
0 votes Thank Flag Link Wed Mar 9, 2011
Hello WZA

Obviously your lenders have not been listening to you. Condition of property is a question that I always check into.

Alan
0 votes Thank Flag Link Wed Mar 9, 2011
Dear WZA,

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.

Best Regards,
Alan Openshaw
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
0 votes Thank Flag Link Wed Mar 9, 2011
Based on what I've read on the HUD's website, http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm. You can refinance a home to a 203K.

My best suggestion is find a loan originator in your area that specializes in 203K loans to review the specifics of your case.
Web Reference: http://www.cyndibell.com
0 votes Thank Flag Link Wed Mar 9, 2011
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