Financing in Orlando>Question Details

Bubblesblue18, Home Buyer in Orlando, FL

Lenders for 203k loan using Down Payment Assistance

Asked by Bubblesblue18, Orlando, FL Mon Oct 18, 2010

I am trying to do a 203k loan with down payment assistance. I am very low income. I have gone to both fifth third and bank of america and they both say they cannot do the 203k loan with down payment assistance. The loan officer at bank of america was trying to push me away from down payment assistance, so I don't want to go back there. I have contacted HUD, they said to talk to the lenders. I have explored a second mortgage, but you can't do that with down payment assistance. What are my options? What should I do?

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Answers

15
Hi Bubblesblue18,

One of your options is to contact me. I can definitely help you with your purchase. I have written many blogs on Trulia regarding combining down payment assistance with the 203K loan. I have been combining both since Orange County SHIP implemented the $5K rehab requirement in 2008. Since most of my clients are first time homebuyers that needed help with their down payment and/or closing costs, I became very adept at finding and obtaining funds for their purchases.

I work with excellent contractors and consultants and am well versed with the nuances of combining the two programs together. In addition, Freedom is one of the largest 203K wholesalers in the country.

There are many lenders that tell you that they can do the loan, then once they have your info, try to force you in another direction. Likewise, there are alot of realtors who don't want to wait a few extra weeks to close so they too discourage buyers from utilizing the program and/or 203K loan.

Since you submitted this question, Orange County SHIP has relaxed it's $5K rehab requirement. You may now purchase a "move-in" ready home too. As you may know, eligible borrowers can get up to $25,000 in down payment assistance from the Orange County SHIP program or get up to $20,000 from the Orange County NSP program along with additional funds towards their closing costs.

Once you review my answers and profile, you will see that I know what I'm talking about and can help you with your purchase.

You may contact me through Trulia or via cell or email below.

Hope this helps.

Sincerely,
JACQUELINE CLARKE
Freedom Mortgage Corp - Orlando Branch
Orlando, FL
Cell: 407-591-7693
Office: 407-622-1660 ext 5747
email: jacqueline.clarke@freedommortgage.com
2 votes Thank Flag Link Sun Nov 21, 2010
Home Depot and Lowe's do participate in the 203k program but they only do the 203k Streamline, which means they only do work less than $35,000 and no structural modifications. Besides, they only sub the work out to local contractors anyways and you can find these local Certified 203k Contractors in Florida at http://203kContractorsFlorida.com .

-----
203kContractors.com®
203k Contractor Directory for the FHA 203(k) Loan
(480) 463-4663
Web Reference: http://203kContractors.com
1 vote Thank Flag Link Wed Oct 20, 2010
Hi Bubbles,

My fellow realtors are right in saying it would be bettter not to combine a 203k with downpayment assistance and in this market you really shouldn't have to. There are lots of great affordable houses in Orlando right now that are in good condition.

One of my specialties is in working with buyers needing downpayment assistance. I know first hand that many lenders can tend to shy away from some of these programs as they often require much more work than a standard loan. But I have two great lenders that I do these programs with again and again.

My favorite program is the Florida First program which can give you $7,500 is assistance with closing costs and downpayment and can be used on any home that passes FHA inspection. (You can pair this with an FHA loan). This would by far be my favorite program to recommend to you first and you can use it with HUD homes and Fannie Mae bank owned homes.

I also work with Orange County Downpayment assistance, however that is a tougher program for many reasons, the least of which is that it requires you to purchase a new construction home or a home that has had at least $5,000 worth of upgrades in the last 12 months with verifiable receipts. Needless to say since most homes on the market are foreclosures and won't qualify.

In you need an seasoned agent to help you navigate the different programs out there and pair you up with lenders who are experienced at these programs and will work hard for you.

For more information on the downpayment assistance programs I spoke of click on the link below:

http://devivorealty.com/default.asp.pg-DownpaymentAssistance

Persistance is key - Don't give up.

Jennifer De Vivo
Realtor
The De Vivo Team
Charles Rutenburg Realty
cell 407-921-1310
http://www.devivorealty.com
1 vote Thank Flag Link Tue Oct 19, 2010
Who ever is providing the DPA, be it county or state program must provide you with a letter of lenders that they have approved for the loan. Ask for it. If that does not solve it try contacting NACA.com

Tony Vega
Charles Rutenberg Realty
1 vote Thank Flag Link Tue Oct 19, 2010
Blue -

With low income and the need for down payment assistance, you should NOT be purchasing a Fixer-upper.

Without reserves - your purchase is risky - and you won't find a lender willing to do a 203K in this market.

Find a home in good condition if you are looking for a home. In the long run you will be better off.

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
1 vote Thank Flag Link Tue Oct 19, 2010
Hi, I was wondering I live in Brevard County Florida and wanted to know if anyone knew any lenders that will do fha 203k and down payment assistance?
0 votes Thank Flag Link Mon Mar 25, 2013
Each program's guidelines determine the type of loan permitted with its down payment assistance.

I just verified that Plantation is not accepting applications for its SHIP program at this time. However, the Neighborhood Stabilization Program (NSP) 3 will soon be available for Coral Springs, Miramar and possibly Pembroke Pines. They are still working out the particulars regarding grants amounts, and parameters. It is my understanding that once this program is rolled out you will be able to obtain funds to purchase and rehab a foreclosed property.

That said, since the 203K is an FHA loan, the down payment is still only 3.5%. So if you have sufficient funds, you can use a 203k to purchase a fixer upper. The rates are still very competitive.

The Streamline version is for one or two projects while the Standard is for more extensive repairs.

Please feel free to contact me with any questions you may have.

Sincerely,
JACQUELINE CLARKE
Freedom Mortgage
Cell: 407-591-7693
0 votes Thank Flag Link Mon May 16, 2011
Contact Jacqueline Clarke, her info is below. She sounds like she is well experienced to help you in Orlando.

As far as Hillsborough County in Tampa they are not quite as organized in the County so you absolutely cannot buy a property unless it can pass an FHA inspection. They will not allow a 203K which seems foolish.

So for other areas, you should contact an experienced lender, you can get recommendations from the County downpayment assistance office where you applied.
0 votes Thank Flag Link Mon May 16, 2011
I have the same question as Bubbleblue18 in Orlando, only I need information for combining a 203k Streamline and DPA in the Broward County/Ft Lauderdale/City of Planation area. Thanks.
0 votes Thank Flag Link Mon May 16, 2011
Also Home Depot and Lowes have participating 203K contractors.
0 votes Thank Flag Link Wed Oct 20, 2010
If you do use the 203k, you'll want to use an educated and Certified 203k Contractor. In Florida, you can find them at http://203kContractorsFlorida.com . These contractors have completed an education program and will be the most knowledgeable contractors for your 203k needs.

-----
203kContractors.com®
203k Contractor Directory for the FHA 203(k) Loan
(480) 463-4663
Web Reference: http://203kContractors.com
0 votes Thank Flag Link Wed Oct 20, 2010
I am a seasoned Mortgage Professional & an Agent also & YES you can have your cake & eat it too in this market by simultaneously taking advantage of the 203k loan programs & Down Payment Assistance.
You should first find out if your Lender has the flexibility to accomodate both programs because not all Lenders can do both simultaneously.
If you are in Orange County, there are plenty of funds available for DPA & there are several Wholesale Lenders with the ability to able to accomodate both transactions
concurrently.
I will be happy to provide you with more information should you have any additional questions.
0 votes Thank Flag Link Tue Oct 19, 2010
We here at RH Funding Co. are able to provide not only a 203K but will not have a problem combining a DPA program along with the purchase. Give me a call at my number below and we'll find out exactly what it is that you will need the most direction with. I look forward to it.

Ben Pasquine
Approval Manager
RH Funding Co.
407-230-7787
BPasquine@RHFunding.com
Web Reference: http://www.LendingFL.com
0 votes Thank Flag Link Tue Oct 19, 2010
So Gerard Dunn what programs should you be looking for if you are a first time home buyer without the 3.5 % down payment or closing cost. Looking for a home in Prince Georges county MD
Flag Wed Sep 25, 2013
So Gerard Dunn what programs should you be looking for if you are a first time home buyer without the 3.5 % down payment or closing cost. Looking for a home in Prince Georges county MD
Flag Wed Sep 25, 2013
Hi,

Contact whoever is providing the downpayment assistance. They may NOT allow you to buy a property that needs fixing up.

Some counties also have a "fixup" program that will allow functional defects to be repaired after closing. Not in Tampa's Hillsborough County but in Pasco County they do have this great program (it's not 203k).

Wells Fargo does FHA 203K Streamline try asking them.

Good luck!
Alma
0 votes Thank Flag Link Tue Oct 19, 2010
Please call me and I can give you a lender reference. This is the vice president of a company that is very knowledgeable of the 203K loan process and loves down payment assistance. Thank you. Marsha Adams Century 21 Executive Team
0 votes Thank Flag Link Tue Oct 19, 2010
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