Financing in Jacksonville>Question Details

Runofluck, Home Buyer in Jacksonville, FL

Wells Fargo offers a 203k loan that Home Depot and Lowe's know nothing about? Why do they advertise otherwise?

Asked by Runofluck, Jacksonville, FL Thu Jul 2, 2009

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At Home Depot this is not a store level program. The average store associate will not be able to help you with this program. We have specialized divisions focused on 203k and REO renovations. I work directly with the Home Depot program in GA, NC, SC, and KY. I would be more than happy to answer any questions you have concerning the program or 203k renovation loans. I have 14 years of real estate experience including licensed real estate appraiser, FHA review appraiser, real estate sales, and a Certified Mortgage Specialist Degree. This is an extreamly effective program and I would be very interested to listen to your concerns. Please feel free to contact me with any questions you may have.

Mitch Reames
Home Depot at Home Services
866-519-0173 Toll Free Direct
1 vote Thank Flag Link Mon Oct 19, 2009
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try for more information.
0 votes Thank Flag Link Sun May 26, 2013
To your point - you are right ... if you go into the store you may not get anything out of their people. You need to call the right folks at specialized services. WE have set up special teams that send contractors out to your house rather than going into the stores ......

There are great plusses in leveraging a big Brand like the nation three home improvement stores. The may not the best fit for all jobs but are helpful to consumers who trust the brand and for the streamline product Wells fargo offers. I have executed plenty of transaction with Home Depot and Lowes and they have always made the customer who choose them happy ... for more information on "remodel express" please call or visit me on the web at
Web Reference:
0 votes Thank Flag Link Wed Jan 5, 2011
I am a Real Estate agent for Wells Fargo/Premier Asset. Wells has a joint venture with Home Depot called the Express Renovation program aka ERA. Foreclosed houses, referred to as REO's, often need cosmetic type work to bring up to marketable condition. The affiliation allows for Wells Fargo REOs to have cosmetic repairs done under the ERA program with Home Depot prior to marketing. I believe that this affiliation will promote rehab type loans for Wells, while many of the improvements/repairs can be done through Home Depot Renovation/installed sales. I believe this may be the advertising that is seen. It is a good program, it was just not "boarded" very well. If you would be interested in the 203k loan, all questions would need to be directed to a Wells Fargo Mortgage agent, not Home Depot. You can see the list of Wells Fargo REO's/Homes for sale on our website Anyone who wishes to place an offer on a Wells Fargo property using a mortgage must first prequalify with a Wells Fargo agent but are not required to do a loan with them.
Web Reference:
0 votes Thank Flag Link Fri Dec 10, 2010
I would never recommend using a big-box store for loan advice. Use a contractor or consultant that your lender and underwriter have used before to help the process mitigate around any pitfalls. I work with a lot of 203k loans and fixer-upper properties here in Sacramento and I would be happy to recommend a lending team in your area.
Web Reference:
0 votes Thank Flag Link Mon May 17, 2010
All 203K lenders allow for expedited contractor approvals for national chains like Home Depot - not just Wells. This is an FHA allowance not a lender allowance... but Wells markets this very well.
The lender must approve all contractors choosen to work on the home and all items to be repaired or upgraded. Unless you are just installing carpet or upgrading the kitchen, I highly suggest using one solid, dependable contractor to coordinate the build. They really do earn their money and will be a life saver if additonal repairs are found to be needed once the loan is closed and contraction begins.

Remember - once you submit your plans for the rehab/construction you will always need to take care of any items listed as FHA required repairs on the appraisal. These may or may not be things you were planning on spending money to fix but will be required by the lender.

Be sure to be using a loan officer experianced with 203k and construction perm loans. They are a different animal than the usual loan application and require a certain level of expertise to close smoothly.

Feel free to contact me with questions. I have done a lot of these type loans.

0 votes Thank Flag Link Thu Apr 22, 2010
The Home Depot Program is a seamless approach where once approved by your financial institution to purchase a home, and also approved for a budget to improve that home, you will be directed to a pre-qualified Home Renovations Contractor that will have the expertise to help you determine the best use of your budgeted improvements. You will work through you neighborhood or closest Home Depot to choose all the necessary products required.
They will provide you with a detailed budget proposal that your mortgage loan officer will roll into your closing for a single mortgage.
At closing, the funds will be sent to escrow and distributed to the contractor directly by Home Depot upon completion and final inspection by a bank authorized inspector of the completed work.
All Approved contractors for this program are subject to an exhaustive approval and training process by Home Depot.
We are an approved and authorized Contractor for Eastern Massachusetts and all of NH
0 votes Thank Flag Link Sat Apr 17, 2010
Correction to the answer from California, in Jacksonville Wells Fargo is definitely also working with Home Depot. In fact, I have met the guy in charge of it at the Fleming Island Store. Wells Fargo has done a great job of putting this together to make renovation simple for the average consumer. If you have your own contractor, or want to contract it yourself, you can do it. But if you don't want the headache, let them take care of it for you.

Scott and the Home Depot guy gave great descriptions of what the services include.

Sharon Alters, CDPE, GRI
Watson Realty
Web Reference:
0 votes Thank Flag Link Mon Apr 5, 2010
Does anyone know how or who identifies the minimum repairs needed to meet the loan requirements? Does Home Depot or Lowe's have qualified people that do?
I only have 45 days to close escrow, How long does it take them to prepare all the detailed documents the loan officer needs?
I've heard that it takes around 4 months for banks to pay the contractor after all of the work is complete, is Home Depot and Lowe's OK with that?
I already struggle with the quality of their staff at the stores, Do they have supervision to coordinate all of the different things I want done or will I have to be bothered every other day with different crews?
0 votes Thank Flag Link Thu Apr 1, 2010
For Home Depot you can both research this at or call 1-800-395-8396. This is a service offered through these means and not at the store, since it is highly coordinated through Wells financing
0 votes Thank Flag Link Wed Oct 21, 2009
As stated below both Lowes and Home depot do this program. Wells Fargo is working exclusively with Lowes. Wells Fargo will provide the customer a check off sheet to bring to Lowes, then the Lowes store will take it from there. You can have your own contractor complete your scope of work, however Lowes has GC's that are on board and ready to go with this project. Lowes is very aware of this project just go to the commercial sales desk at any store and ask to speak to the sales manager.
Run,the 203k program has just hit the Lowes stores as of early August, most if not all Lowes stores should know what you are talking about now.
0 votes Thank Flag Link Thu Aug 20, 2009
Hi Run,

As the agents before me have answered, most Home Depot or Lowe's sales associated are not familiar with the FHA 203K rennovation loan. Both stores do participate in the rehab program.

Did you know that you can bring your own contractor? Wells Fargo will qualify a contractor of your choice by running a credit check, background check, etc. on the business licensee. Once qualified, that builder/contractor can do more work than just your house. Others can request him/her as well.

It's a great way to get an unloved property looking spiffy & ready to move in!

Good luck,

Web Reference:
0 votes Thank Flag Link Tue Aug 11, 2009

The program offered through Wells Fargo is called Remodel Express and is a very effective 203K program. I am working with a buyer right now that is utilizing this program to purchase a foreclosure on the Northside that needs all appliances, a hot water heater, new A/C unit and carpet replacement. The buyer is able to finance the replacement of these items into the loan (the total value of loan plus replacements doesn't exceed the maximum allowed amount for the 203K program) and will have a home in great condition soon after closing on it.

The program is run through a special division of Home Depot, Lowe's, and Sears that the average sales associate may not know about. The buyer I referred to is working closely with her Wells Fargo loan consultant to coordinate the quotes with Home Depot. A specialized Home Depot representative completed all of the quoting and supplied the information to the Wells Fargo loan consultant and he's able to then work those details into her loan package.

Once the loan is approved and she closes on the property she'll have 90 days to complete the work (and it must be started within 30 days of closing). The buyer never sees the bills. Home Depot completes the work and submits the bills to the escrow agent and is paid directly from the escrow account set up for the work. It's pretty easy and hassle free for the buyer.

I would speak directly to a Wells Fargo loan consultant about the program instead of talking to the Home Depot or Lowe's associates.

If you need help with this type of program feel free to give me a call.

Scott Sullivan
Prudential Network Realty
3535 Highway 17, Suite 10
Fleming Island, FL 32003

C: 904-327-5676
O: 904-269-1716
0 votes Thank Flag Link Mon Aug 3, 2009
Home Renovation Services is a SF&I program that provides customers who are eligible to
include basic renovation costs into their home mortgage with a trustworthy and qualified
General Contractor (GC) who will manage their entire renovation project from start to finish.
• Provides a single product and labor solution to meet all of the customer’s renovation
needs instead of using multiple Service Providers to manage multiple renovation projects
• Provides mortgage lenders and real estate agents with a simple, fast, and reliable
solution to recommend to homebuyers who need renovations done on their home
This program facilitates uncomplicated rehabilitation and/or improvements that are non-structural in nature
ô€€¹ Repair/Replacement/Upgrade of:
ô€€¹ Roofs, gutters and downspouts
ô€€¹ Existing HVAC systems
ô€€¹ Plumbing/Septic & electrical systems
ô€€¹ Flooring
ô€€¹ Exterior decks, patios, porches
ô€€¹ Windows, doors, exterior wall siding
ô€€¹ Minor remodeling, such as kitchens (non-structural repairs)
ô€€¹ Painting, both exterior and interior
ô€€¹ Weatherization, including storm windows/doors, insulation, weather stripping
ô€€¹ Purchase and installation of appliances, including free-standing ranges,
refrigerators, washers/dryers, dishwashers and microwave ovens
ô€€¹ Accessibility improvements for persons with disabilities
ô€€¹ Basement finishing, waterproofing & remodeling (non-structural repairs)
Major structural work
Landscaping (unless it addresses erosion
or drainage issues that have or may cause
damage to the home)
Pool installation, maintenance or repair
Removal of mold, asbestos or lead paint
• Provides customers with a single bid, single contract, and single point of contact for their entire home renovation project -
All backed by the Home Depot brand!
Note: This program is only available to customers working with a bank or lending institution for the purchase of a new home
or the refinancing of an existing home.

Customers must be pre-approved by a lending institution BEFORE they are
eligible for Home Renovation Services – most customers will learn about the
program from their mortgage lender.
Interested Customers should call 1-800-395-8396

Major structural work
Landscaping (unless it addresses erosion
or drainage issues that have or may cause
damage to the home)
Pool installation, maintenance or repair
Removal of mold, asbestos or lead paint

0 votes Thank Flag Link Tue Jul 14, 2009
Hi Run of luck,

Chances are the average worker at Home Depot doesn't know about the program. Lowe's and HD have the program.

If your mortgage counselor or your Realtor doesn't have the info, I'd suggest you call 1-800-445-6937 which is Lowe's Customer Care number and see where that leads you.

It's a real program.

All the best,

0 votes Thank Flag Link Thu Jul 2, 2009
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