Financing in Boca Raton>Question Details

Gary Youngman, Real Estate Pro in Boca Raton, FL

Need info on 203k Programs...

Asked by Gary Youngman, Boca Raton, FL Mon Feb 6, 2012

I have a client looking to get 203k loan, they are approved FHA now and the home in question to purchase is a HUD owned home, located in Boca Raton. The client has a pre-approval letter...

What is the best method and or lender to approach for this service?

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Answers

9
Gary, when looking at a 203k loan it's important to use a bank or lender that has in-house Underwriting, processing, closing, and has a In-House draw center for releasing of the rehab money during the construction. I would also suggest talking to a few LO's who specialize in 203k loans. I have specialized in 203k's for 20+ yrs. There are big differences between companies and LO's relating to knowledge, closing time frames, UW, and experience.

Best Regards
Lee Smith
Web Reference: http://www.203khud.com
1 vote Thank Flag Link Wed Feb 8, 2012
Dear Gary,

Please contact, and he will assist with all your questions

Adam R. Cohn
Main Street Financial, Inc. Serving Main Street USA.
Sr. Banking Executive / Private Client Group
"Closing loans and building relationships."
561-289-0125 Cell
561-558-1107 Home
516-403-1898 Fax
http://www.adamclosesloans.com
http://www.facebook.com/adamthemortgagepro
Web Reference: http://www.AgentBoca.com
0 votes Thank Flag Link Wed Feb 8, 2012
Gary- Lee is absolutely on point about lenders qualifications! I would suggest you
review two sources of information on the 203k Program!


First -see what HUD says about the program and approved lenders and
Project Consultants: http://hud.gov/offices/hsg/sfh/203k

Second- See the excellent outline of the program by contractors:
http://203kcontractors.com



BOB BRUBAKER HIGHLIGHT REALTY PALM BEACH COUNTY FL. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Wed Feb 8, 2012
It depends on the amount of re-hab that is needed. If it is a HUD owned home the lender can escrow up to $5000 on a regular 203b. And not all lenders offer or are qualified to do a 203k, it is a niche product.
0 votes Thank Flag Link Wed Feb 8, 2012
Any lender can qualify for this house loan, just send a approval letter and we work out.
if your client need more help with loan we work with Well fargos Bank they put deals together
thanks,
Rosane
0 votes Thank Flag Link Wed Feb 8, 2012
Gary, You are dealing with 2 issues 1) the 203k 2) a HUD property. each carries certain traps and red flags you have to aware of or your deal can go south on you. I have worked with the HUD homes for 20+ years. My wife Ellen is a loan officer with FBC Home Loans and is an expert with the k's and the HUD properties. You can email me ronnie@1change.com for mor einfo.
0 votes Thank Flag Link Mon Feb 6, 2012
Gary, Rob works for me and he can help you with the reno loan for a HUD PD. We have a specific way of working with these properties and the main thing is that the listing will say if the FHA 203k program is an option on this home. Rob's number is below or you can call my cell at 561-262-5366
0 votes Thank Flag Link Mon Feb 6, 2012
The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The total costs of repairs including the contingency reserve and costs are not to exceed $35,000....otherwise you need a standard K loan

Steve Vinson
Clearwater Federal Mortgage
866-244-1041
svinson@cmafla.com
NMLS #314005
0 votes Thank Flag Link Mon Feb 6, 2012
I suggest you call Rob Zuckerman of Wells Fargo. he only handles renovation loans and can assist you with any question you may have. Even if you don't use him, pick his brain.
561-741-7766 Robert Zuckerman
0 votes Thank Flag Link Mon Feb 6, 2012
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